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IV. <br />The 1996 Annual Financial Report of the City shall be prepared in accordance with generally <br />accepted accounting principles. Should the City require assistance in preparing and compiling its <br />financial data and records to meet these requirements, the Auditors agree to assist the City as <br />required and as determined jointly by the Auditors and City Administration. Fees for such <br />services (if required) shall be billed on the basis of the hourly rates contained herein, and shall be <br />billed separate from audit fees. <br />V. <br />The Auditors shall provide the City with detailed statements as to the classifications and <br />hours worked. Payments of the Auditor's fees shall be made by the City within thirty days after <br />submittal of an itemized claim correctly showing the amount due the Auditors. <br />Claims for payment will be submitted for payment upon completion of the interim audit; <br />upon completion of the final field work; and, upon completion of the entire audit and submittal <br />of the Annual Financial Report and the Auditor's Management Comments and Recommendations <br />thereon. <br />VI. <br />If any circumstances disclosed by the audit and examination call for a more detailed <br />investigation than would be necessary under ordinary circumstances, such circumstances will be <br />called to the attention of the City authorities before proceeding further with such investigation. If <br />authorized to proceed further with an investigation in this area, compensation for these additional <br />services shall be at the regular rates designated in this agreement. <br />VII. <br />At the request of the City, the Auditors will expand the scope of the examination to comply <br />with audit regulations as promulgated by the Single Audit Act of 1984 (P.L. 98 -502) if the City <br />receives $100,000 or greater of federal aid during the year of audit. The audit scope will be <br />expanded for compliance with said legislation unless the Auditors receive a written request to not <br />expand the scope of the examination. Non - compliance with the Single Audit Act of 1984 will <br />require disclosure in the Auditor's report and we will notify the City of potential sanctions for <br />such non - compliance. <br />Page 24 <br />