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Contract to Audit Accounts (cont.) <br />BK -00027 PG -0382 <br />Governmental Unit <br />LEE COUNTY <br />N/A <br />Discretely Presented Component Unit's (DPCU) if applicable <br />Auditing Standards. The Auditor agrees to provide a cony of their most recent peer review report regardless of the <br />date of therp for peer review report to the Governmental Unit and the Secretary of the LGC prior to the execution of <br />the audit contract (See Item 22). If the audit firm received a peer review rating other than pass, the Auditor <br />shall not contract with the Governmental Unit without first contacting the Secretary of the LGC for a peer review <br />analysis that may result in additional contractual requirements. <br />If the audit engagement is not subject to Government Accounting Standards or if financial statements are not <br />prepared in accordance with GAAP and fail to include all disclosures required by GAAP, the Auditor shall provide <br />an explanation as to why in an attachment.. <br />6. It is agreed that time is of the essence in this contract. All audits are to be performed and the report of audit <br />submitted to the State and Local Government Finance Division (SLGFD) within four months of fiscal year end. <br />Audit report is due on: OCTOBER 31 2015 . If it becomes necessary to amend this due date <br />or the audit fee, an amended contract along with a written explanation of the delay must be submitted to the <br />secretary of the LGC for approval. <br />It is agreed that generally accepted auditing standards include a review of the Governmental Unit's systems of <br />internal control and accounting as same relates to accountability of funds and adherence to budget and law <br />requirements applicable thereto; that the Auditor will make a written report, which may or may not be a part of the <br />written report of audit, to the Governing Board setting forth his findings, together with his recommendations for <br />improvement. That written report must include all matters defined as "significant deficiencies and material <br />weaknesses" in AU -C 265 of the AICPA Professional Standards (Clarified). The Auditor shall file a cony of that <br />resort with the Secretary of the LGC. <br />8. All local government and public authority contracts for audit or audit -related work require the approval of the <br />Secretary of the LGC. This includes annual or special audits, agreed upon procedures related to internal controls, <br />bookkeeping or other assistance necessary to prepare the Governmental Unit's records for audit, financial statement <br />preparation, any finance -related investigations, or any other audit -related work in the State of North Carolina. <br />Invoices for services rendered under these contracts shall not be Paid by the Governmental Unit until the <br />invoice has been approved by the Secretary of the LGC. (This also includes any progress billings.) [G.S. 159-34 <br />and 115C-4471 All invoices for Audit work must be submitted by email in PDF format to the Secretary of the LGC <br />for approval. The invoices must be sent to: lgc.invoice@nctreasurer.com . Subject line should read "Invoice — <br />[Unit Name]. The PDF invoice marked `approved' with approval date will be returned by email to the Auditor to <br />present to the Governmental Unit for payment. Approval is not required on contracts and invoices for system <br />improvements and similar services of a non -auditing nature. <br />9. In consideration of the satisfactory performance of the provisions of this contract, the Primary Governmental Unit <br />shall pay to the Auditor, upon approval by the Secretary of the LGC, the fee, which includes any cost the Auditor <br />may incur from work paper or peer reviews or any other quality assurance program required by third parties (Federal <br />and State grantor and oversight agencies or other organizations) as required under the Federal and State Single Audit <br />Acts. Fees listed on signature paces. <br />10. If the Governmental Unit has outstanding revenue bonds, the Auditor shall include documentation either in the notes <br />to the audited financial statements or as a separate report submitted to the SLGFD along with the audit report, a <br />calculation demonstrating compliance with the revenue bond rate covenant. Additionally, the Auditor should be <br />aware that any other bond compliance statements or additional reports required in the authorizing bond documents <br />need to be submitted to the SLGFD simultaneously with the Governmental Unit's audited financial statements unless <br />otherwise specified in the bond documents. <br />Page 2 of 8 <br />