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City of Casselberry June 13,2005 Page 4 their audit and does not extend to matters that might arise during any later periods for which they are not engaged as auditors. 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 their reports on the financial statements on a timely manner. 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 they agree that their gross fee, including expenses, will not exceed $34,500 for 2005, $36,500 for 2006, and $3'9,500 for 2007. The Auditor will provide management with guidance to prepare the management discussion and analysis section. The Auditor's standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. We anticipate that work will begin in June 2005 and invoices will be provided monthly as work is complete. In accordance with the Auditor's policies, work may be suspended if the account becomes 30 days or more overdue and may not be resumed until the account is paid in full. If they elect to terminate their services for nonpayment, the City will be obligated to compensate them for all time expended and to reimburse them for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from management personnel and the assumption that unexpected circumstances will not be encountered during the audit. If