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sCCIF 23 rni: 9f3 LGC -205 (Rev. 2010) CONTRACT TO AUDIT ACCOUNTS File in Triplicate. of Lee County, NC Governmental Unit On this 15th day of Dece 2010 1 Martin S t a rne s & A ssociates, CPAs, P.A. Auditor 730 13th Avenue Drive SE, Hickory, NC 28602 Mailing Address the Auditor, and Board of Commissioners of Governing Board to as the Governmental Unit, agree as follows: hereinafter referred to as Lee County, NC hereinafter referred Governmental Unit The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional required legal statements and disclosures of all funds and /or divisions of the Governmental Unit for the period beginning July 1 1 2010 , and ending June 30 2011 . The non -major combining, and individual fund statements and schedules shall be subjected to the auditing procedures applied in the audit of the basic financial statements and an opinion will be rendered in relation to (as applicable) the governmental activities, the business -type activities, the aggregate discretely presented component units, each major governmental and enterprise fund, and the aggregate remaining fund information (nonmajor government and enterprise funds, the internal service fund type, and the fiduciary fund types). 2. At a minimum, the Auditor shall conduct his/her audit and render his/her report in accordance with generally accepted auditing standards. The Auditor shall oerforin the audit in accordance with Government Auditing Standards if required by the State Single Audit Implementation Act, as codified in G.S. 159 -34. If required by OMB Circular A -133 and the State Single Audit Implementation Act, the auditor shall perform a Single Audit. This audit and all associated workpapers may be subject to review by Federal and State a encies in accordance with Federal and State laws including the staffs of the Office of State Auditor (OSA) and the LGC If the audit and/or workpaners are found in this review to be substandard, the results of the review may be forwarded to the North Carolina State Board of CPA Examiners. 3. This contract contemplates an unqualified opinion being rendered. If financial statements are not prepared in accordance with generally accepted accounting principles (GAAP), or the statements fail to include all disclosures required by GAAP, explain that departure from GAAP in the space below: 4. This contract contemplates at unqualified opinion being rendered. The audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances. Any limitations or restrictions in scope which would lead to a qualification should be filly explained in an attachment to this contract. The audit will have no scope limitations except: 5. If this audit engagement is subject to the standards for audit as defined in Government Auditing Standards, July 2007 revisions, issued by the Comptroller General of the United States, then the Auditor warrants by accepting this engagement that he has met the requirements for a peer review and continuing education as specified in Government Auditing Standards The Auditor agrees to provide a copy of their most recent peer review report regardless of the date of the prior peer review report to the Governmental Unit and the Secretary of the Local Government Commission prior to the execution of the audit contract. (See Item 21.) 6. It is agreed that time is of the essence in this contract. All audits are to be performed and the report of audit submitted to the LGC by October 31 , 2011 . If it becomes necessary to amend the due date of the audit a written explanation of the delay must accompany the amended contract. 7. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to the Governing Board setting forth his findings, together with his recommendations for improvement. That written report must include all matters defined as "Significant deficiencies and material weaknesses" in AU 325 of the AICPA Professional Standards The Auditor shall file a copy of that report with the Secretary of the Local Government Commission 8. All local government and public authority contracts for annual or special audits, bookkeeping or other assistance necessary to prepare the Unit's records for audit, financial statement preparation, any finance- related investigations, or any other audit - related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices for Secretary of the Local Govemmen Commission (This also includes any nroeress billings.) [QS. 159 -34 and 115C447] All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. The original and one copy will be