Loading...
ANNUAL AUDIT (5) \. J I A G R E E MEN T THIS AGREEMENT, made and entered into this 17th day of August, 1995 by and between the CITY OF CLEARWATER, FLORIDA, a municipal corporation, hereinafter referred to as "City," and Coopers & Lybrand L.L.P., a firm of certified Public Accountants, located at 101 E. Kennedy Boulevard, Suite 1500, Tampa, Florida 33602-5194, hereinafter referred to as "Contractor;" WITNESSETH WHEREAS, the City is required by Article II, Section 2.01(c) (3) of the City Charter to provide for an annual audit of its financial accounts; and WHEREAS, the City participates in community Development Block Grant and other Federal, State and County Assistance programs which require independent financial and compliance audits in accordance with rules established by the u.S. Department of Housing and Urban Development and other agencies; and WHEREAS, the Contractor is in the accounting, is fully qualified to meet applicable City, State and Federal law, and necessary services: NOW, THEREFORE, the parties agree as follows: 1. This agreement relates specifically to the City's fiscal year ending September 30, 1995. 2. The Contractor shall audit the books and records of the City, including the Community Redevelopment Agency (CRA) and Downtown Development Board (DDB), included as part of the City's Comprehensive Annual Financial Report. The Contractor shall read the City's Comprehensive Annual Financial Report for compliance with GAAP and the applicable requirements of the Certificate of Achievement for Excellence in Financial Reporting program of the Government Finance Officers Association and assist the City in complying with new or existing requirements. The Contractor shall express an opinion on the fair presentation of the City's general business of public the requirements of desires to perform the 1 COOPERS & LYBRAND L.L.P. a(! " /' /!'") (./ 02 -,) , ('-/)() \ I I purpose financial statements in conformity with generally accepted accounting principles, for the fiscal year ended September 30, 1995. The Contractor shall also express an opinion on the fair presentation of the City's combining and indi vidual fund and account group financial statements and schedules in conformity with generally accepted accounting principles. The Contractor is not required to audit the supporting schedules contained in the comprehensive annual financial report, however, the Contractor shall provide an "in-relation-to" report on the supporting schedules based on the audit procedures applied during the audit of the general purpose financial statements and the combining and individual fund financial statements and schedules. The Contractor is not required to audit the statistical section of the report. The Contractor shall also perform the required financial and compliance audits associated with the Community Development Block Grant and other Federal, State, and County Assistance programs in accordance with the Single Audit Act of 1984 (PL 98-502) and rules of other agencies. 3. In performing the services described in #4 above, the Contractor shall comply with the following: . generally accepted aUditing standards . the standards set forth for financial audits in the u.s. General Accounting Office's (GAO) Government Auditing Standards (1988), . the provisions of the federal Single Audit Act of 1984, and . U.S. Office of Management and Budget (OMB) Circular A- 128, Audits of State and Local Governments, . section 11.45 Florida Statutes, . regulations of the State Department of Banking and Finance, . Rules adopted by the State of Florida Auditor General for form and content of governmental unit audits, . Audits of State and Local Governmental Units (Revised) - AICPA 2 COOPERS & LYBRAND L.L.P. I I . Chapter 73-600 of the Florida statutes referring to Fire District Audit requirements, and . Rules adopted by the state of Florida Auditor General for audits of state grant and aid appropriations. As part of the audit, the Contractor will consider the City's internal control structure, as required by generally accepted aUditing standards and Government Auditinq Standards. 4. Following the Completion of the audit, the Contractor shall issue the following reports: . A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles. . A report on the internal control structure based on the auditor's understanding of the control structure and assessment of control risk. . A report on compliance with applicable laws and regulations, including those relating to funds received from a state of Florida grants and aid appropriation pursuant to a grant or contract. . A report on the internal control structure used in administering federal assistance programs. . A report on compliance with laws and regulations related to major and non major federal financial assistance programs. . A supplementary management letter if required to comply with the regulations of the State of Florida Auditor General. . A report on compliance with general compliance requirements as required by the Single Audit Act of 1984 and OMB Circular A-128. 5. The Contractor shall retain all working papers for a minimum of three (3) years, unless notified in writing by the City of the need to extend the retention period. The Contractor shall make working papers available, upon request, to the following parties or their designees: . City of Clearwater . u.s. Department of Housing and Urban Development 3 COOPERS & LYBRAND L.L.P. " I I . u.s. General Accounting Office (GAO) . Parties designated by the federal or state governments or by the City of Clearwater as part of an audit quality review process . Auditors of entities of which the City of Clearwater is subrecipient of grant funds In addition, the Contractor shall respond to the reasonable inquiries of successor auditors and allow successor auditors to review working papers relating to matters of continuing accounting significance. 6. The Contractor shall assist the City in scheduling the Comprehensive Annual Financial Report to be completed and issued no later than February 1, 1996. Contractor/City meetings will be held at least once per month until completion of this contract. Weekly status meetings shall be held while the Contractor is working at the City. The Contractor shall complete performance under this contract by March 30, 1996. 10. The Contractor shall bill the City and the City shall pay the Contractor for the performance of the services under this contract on the basis of the Contractor's normal and customary charges for such services, plus ordinary out-of-pocket expenses customarily stated separately the Contractor in his general practice, the same to be separately stated and itemized. The total amount of this contract including out-of-pocket expenses shall not exceed $93,300. The City may, by amendment of this agreement, increase this maximum fee and/or extend the completion date upon the Contractor's showing evidence of conditions which require substantially more time than would generally be required to perform the prescribed services. Progress payments will be made periodically for work completed to date based on invoices submitted by the Contractor. The sum of such progress payments shall not exceed 90% of the maximum specified above. The final paYment will be made within 30 days of receipt of the final audit reports. 4 COOPERS & LYBRAND L.L.P. . . I I IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed the day and year first above written: Countersigned: CITY OF CLEARWATER, FLORIDA By: tf~--r- Approved as to form legal sufficiency: Attest: p!teA { Akin city Attorney r_ hia E. GouCleali Clerk witnesses: Coopers & Lybrand L.L.P. ~a,~ Cr//db By: <l2 W,1Lf &vu14 Attest: File: COP95AUD 5 COOPERS & LYBRAND L.L.P.