Laserfiche WebLink
In addition, the firm shall respond to the reasonable inquiries of successor <br /> auditors and allow successor auditors to review working papers relating to <br /> matters of continuing accounting significance. <br /> 4. Significant Deficiencies in Internal Control or Unusual Financial Transactions. <br /> The Contract Auditor shall notify the County Council and the County <br /> Legislative Auditor in writing of any significant deficiency in internal control <br /> or unusual financial transactions discovered during the course of the audit. If <br /> the circumstances call for a significant amount of additional investigation, the <br /> Contract Auditor shall submit to the Council and the County Legislative <br /> Auditor the estimated additional time and cost required to perform the <br /> investigation. Contract Auditor shall proceed with the special work only upon <br /> written authorization from the County Council. <br /> Significant deficiencies in the internal control, unusual transactions or <br /> noncompliance discovered during the course of any Single Audit shall be <br /> reported by the Contract Auditor to the County Council, County Legislative <br /> Auditor and the cognizant agency for the County of Hawaii. <br /> 5. Non-reportable conditions discovered by the Contract Auditor shall be reported <br /> in a separate letter to management, which shall be referred to in the report on <br /> internal controls. <br /> 6. Reportable conditions encountered by the Contract Auditor during the course <br /> of the audit examinations shall be reported in a separate letter to the County <br /> Legislative Auditor. Such conditions would include disagreement with <br /> management or difficulties encountered in performing the audit. <br /> III. CONSULTATION ON REPORT FINDINGS AND RECOMMENDATION <br /> Subsequent to the completion of the work required, the Contract Auditor shall, as part of the <br /> audit contract, be available for attendance at Council and Committee hearings as may be <br /> necessary to testify on or discuss the findings and recommendations contained in the audit <br /> report. <br /> <br /> IV. BUDGET LIMITATIONS AND TIME REQUIREMENTS <br /> A. Budget Limitations <br /> 1. The total sum to be allocated for conducting the audit shall be limited to the <br /> extent of funds appropriated for this purpose and the continued availability of <br /> such funds during the course of the project. <br /> -12- <br /> <br />