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HomeMy WebLinkAboutAuditing Services Agreement 1984 _ r AGREEMEt, ?OR AUDITING /ACCOUNTING SERVICI This agreement by and between the CITY OF OAK PARK HEIGHTS, MINNESOTA hereinafter referred to as the "City ", and the accounting firm of VOTO, REARDON, TAUTGES & CO., LTD., hereinafter referred to as the "Auditors ", WITNESSETH: In consideration of their mutual covenants and agreements as hereinafter set forth, the parties hereto contract and agree as follows: I . The Auditors agree to perform an audit of the financial statements and transactions of the City for the year ended December 31, 1984. Such audit and examination shall be made in accordance with generally accepted auditing standards and the minimum audit procedures prescribed by the Minnesota State Auditor pur- suant to the provisions of M.S.A., Chapter 6. Such audit and examination will include tests of the accounting records and such other audit procedures as are considered necessary to enable the Auditors to render an opinion on the fairness of the City's financial statements. It is not contemplated that the audit will be a detailed examination of all transactions nor that the audit will necessarily discover mis- conduct, should any exist. The Auditors will, however, promptly inform the City of any findings which appear unusual or abnormal. II. The Auditor's report and management comments shall be addressed to the City Council. Such management comments shall contain specific disclosure and recommen- dations with regard to the following: (a) Non - conformity with policy and procedures prescribed by Council Action, State Statutes, and /or Federal Rules and Regulations. (b) Non - conformity to generally accepted governmental accounting principles. (c) Defects in acct zing policies and procedures tl make accounting and /or auditing time consuming and /or inefficient. (d) Any failure of the accounting department to prepare and distribute financial reports required or needed for administrative purpose. (e) Any other information deemed appropriate of City Council consideration. III. The 1984 Annual Financial Report of the City shall be prepared in accor- dance with generally accepted accounting principles and the "Minimum Reporting Requirements - City Financial Reporting" prepared and issued by the Office of the Minnesota State Auditor. Should the City require assistance in preparing and com- piling its financial data and records to meet these requirements, the Auditors agree to assist the City as required and as determined jointly by the Auditors and City Administration. Fees for such services (if required) shall be billed on the basis of the hourly rates contained herein, but shall be billed separate from audit fees. IV. The City herewith engages the Auditors for the work hereinbefore specified and agrees to pay the Auditors on the basis of: Partner $62.00 @ Hour Audit Supervisor /Manager $55.00 @ Hour Staff Auditors: Senior $38.00 @ Hour Semi - Senior $29.00 @ Hour Junior $25.00 @ Hour Statistical Typists and Report Processors $17.00 @ Hour Charge per Copy of Financial Statements $17.00 @ Copy V. The Auditors shall provide the City with detailed statements as to the classifications and hours worked. Payments of the Auditor's fees shall be made by the City within thirty days after submittal of an itemized claim correctly showing the amount due the Auditors. Claims for payment will be submitted for payment upon completion of the interim audit; upon completion of the final field work; and upon completion of the entire audit and submittal of the Annual Financial Report and the Auditor's Management Comments and Recommendations thereon. VI. If any circumstances disclosed by the audit and examination call for a more detailed investigation than would be necessary under ordinary circumstances, such circumstances will be called to the attention of the City authorities before pro- ceeding further with such investigation. If authorized to proceed further with an investigation in this area, compensation for these additional services shall be at the regular rates designated in this agreement. IN WITNESS WHEREOF, the City and the Auditors have executed this agreement the day and year written below. VOTO, REARDON, TAUTGES & CO., LTD. CITY OF OAK PARK H IGHTS, MINNESOTA Certified Public Accountants By ZJ/, B Mayor Robert J. Vot , President Date: Date: By " �{firi► -calm- '�--6 �.� Manager Date: