2007-10-24 CC Packet - Laserfiche WebLink

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City of Centeville October 12, 2007 Page Four Audit AdmiDIstratlon, Fees, and Other We may trom time tQ time, and dePcmdingon the circumstances, use third-party service providers in serving your account We may share oonfidential informatioo about you With these service providers, but remain oommitted to maintaining the confidentiality and security of your information. Acoordingly, we maintain internal pc>licies, procedures, and safeguards tQ protect the confidentiality of your persc>nal information. In addition, we will secure oonfidentiality agreements with all service providers tQ maintain the oonfidentiality ofyQUf infQrmation and we will take re8S()nable precautions tQ determine that they have appropriate procedures in place tQprevent the unauthorized release of your oonfidential information tQ others. In the event that we are unable w secure an appropriate oonfidentiality agreement, you will be asked tQ provide your CQnsent prior tQ the sharing of your oonfidential informatioo with the third-party service provider. Furthermore, we will remain respc>nsible for the work provided by any such third-party service providers. We understand that your employees will prepare all cash or other oontirmations we request and will locate any documents selected by us for testing. Our fee for these services will be $27,000 for the audit and $475 for the OSA City Financial Rep<>rting form. We estimate our fees for 2008 and 2009 tQ be $27,800 and $28,600. The increase from 2006 tQ 2007 is due tQ the implementatioo of the new risk based audit standards. We are anticipating an additional 30 tQ 40 hours as a result of the changes required by the new standards. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. In accordance with our firm pc>licies, work may be suspended if your account beoomes 90 days or more overdue and may not be resumed until your account is paid in full. Ifwe elect tQ terminate our services for nonpayment, our engagement will be deemed tQ have been oompleted upc>n written notificatioo of termination, even ifwe have not oompleted our repc>rt. You will be obligated tQ oompensate us for all time expended and tQ reimburse us for all out-of-pocket costs through the date of termination. The above fee is ~ on anticipated cooperation from your persc>nnel and the assumption that unexpected circumstances will not be enoountered during the audit If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional oosts. We appreciate the opportunity to be of service to the City ~d believe this letter accurately summarizes the significant terms of our engagement If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it tQ us. Sincerely, ABOO, EICK & MEYERS, LLP ~ 1VJ~ Steven R. McDonald, CPA MlIIIRging Partner I 95t:~. .~U261 .~. 2007 ALG-CL-l.l: Audit Engagement Letter-Standard /~