08-1901 External Auditing Services

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assets that comes to our attention. The Auditor will also inform the governing body or audit committee of any other illegal acts that come to our attention, unless clearly inconsequential. The Auditor will include such matters in the reports required for a Single Audit. The Auditor's responsibility is limited to the period covered by their audit and does not extend to matters that might arise during any later periods. Management is responsible for making all financial records and related information available to the Auditor. Management will provide the Auditor with such information required for their audits and that management is responsible for the accuracy and completeness of that information. The Auditor will advise management about appropriate accounting principles and their application and will assist in the preparation of financial statements, but the responsibility for the financial statements remains with management. That responsibility includes the establishment and maintenance of adequate records and effective internal control over financial reporting, the selection and application of accounting principles, and the safeguarding of assets. The City will provide supporting schedules as requested. In addition, it is understood that management will render other assistance such as copying agreements, pulling invoices and providing additional schedules or documentation as reasonable and necessary to reduce time and promote operational efficiency. This will allow the Auditor to issue our reports on the financial statements on a timely manner. At the conclusion of the engagement, the Auditor will complete the appropriate sections of and sign the Data Collection Form that summarizes their audit findings. It is management's responsibility to submit the reporting package (including financial statements, schedule of expenditures of federal awards, summary schedule of prior audit findings, auditors' reports, and a corrective action plan) along with the Data Collection Form to the designated federal clearinghouse and, if appropriate, to pass-through entities. The Data Collection Form and the reporting package must be submitted within the earlier of 30 days after receipt of the auditors' reports or nine months after the end of the audit period, unless a longer period is agreed to in advance by the cognizant or oversight agency for audits. At the conclusion of the engagement, the Auditor will provide information to management as to where the reporting packages should be submitted and the number to submit. The workpapers for this engagement are the property of Moore Stephens Lovelace, P.A. and constitute confidential information. However, the Auditor may be requested to make certain workpapers available to the City pursuant to authority given to it by law or regulation. If requested, access to such workpapers will be provided under the supervision of the City's personnel. Furthermore, upon request, the Auditor may provide photocopies of selected workpapers to the City or applicable grantor agencies. The City or applicable grantor agencies may intend, or decide, to distribute the photocopies or information contained therein to others, including other governmental agencies. The fee for these services will be at the Auditor's standard hourly rates plus out-of-pocket costs (such as report reproduction, typing, postage, travel, copies, telephone, etc.) except that we agree that our gross fee, including expenses, will not exceed $49,500 for the September 30, 2008 and $52,500 for September 30, 2009. The Auditor's standard hourly rates vary according 5