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BONDI & Co. LLC
44 INVERNESS DRIVE EAST (303)799-6826 PHONE
ENGLEWOOD,COLORADO 80112 CERTIFIED PUBLIC ACCOUNTANTS (800)250-9083 TOLL-FREE
www.bondico.com MANAGEMENT CONSULTANTS
(303)799-6926 FAX
September 7, 2005
Board of County Commissioners
Weld County, Colorado
c/o Ms. Barbara Enrich, CPA, Controller
915 10ih Street
Greeley, CO 80631
Dear Members of the Board of County Commissioners:
This letter confirms our arrangements with the Board of County Commissioners to perform the
annual financial statement audits of the various funds of Weld County, Colorado.
The financial statements of Weld County, Colorado are the responsibility of management.
Accordingly, your staff must take ownership of those statements and the responsibility for their
accuracy. We will furnish our opinion as to the fairness of those financial statements for
inclusion in the annual report.
We will audit the balance sheets of the various funds of Weld County, Colorado, for each year
ended December 31, and the related statements of revenues, expenditures and changes in fund
balance, and of the cash flows proprietary fund types for the years then ended. Our audit will be
in accordance with generally accepted auditing standards and will include tests of the accounting
records and other auditing procedures as we consider necessary to express an opinion on the
financial statements, including the use of outside experts where we consider that necessary.
We anticipate that your personnel will prepare your annual financial statements, including notes,
year end fund trial balances and supporting schedules, including reconciliations, in the format
requested before our post December 31 audit work can begin. We anticipate receiving much of
your financial information electronically as described in previous discussions with your staff.
You are responsible for the design and implementation of programs and controls to prevent and
detect fraud, and for informing us about all known or suspected fraud affecting the Weld County,
Colorado involving (a) management, (b) employees who have significant roles in internal control,
and (c) others where the fraud could have been a material effect on the financial statements. You
are also responsible for informing us of your knowledge of any allegations of fraud or suspected
fraud affecting the Weld County, Colorado received in communications from employees, former
employees, regulators, or others. You will be asked to make representations regarding the
financial statements upon which we will rely. Weld County, Colorado will be responsible for
any legal fees incurred should any false representations be made during the course of our audit.
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Board of County Commissioners
Weld County, Colorado
Page 2
We are not considering a detailed examination of all transactions, nor do we expect that we will
necessarily discover fraud, should any exist. We will, however, inform you of findings that we
consider unusual or abnormal.
Fees for these services will be billed based on the value we provide and the time we incur. Our
2005 standard hourly rate schedule is attached, and is subject to modification each January 1.
Invoices will be rendered as the work progresses and are payable upon presentation.
Our all-inclusive maximum fees for auditing the financial statements will be as follows:
December 31, 2005 Financial Statement Audit $ 72,000
December 31, 2006 Financial Statement Audit $ 73,000
Unforeseen or changed circumstances might affect our original fee estimate. If that is the case,
we will notify you as soon as we become aware of it.
Any additional non-audit services requested of us will be performed at our standard hourly rates.
(2005 rate schedule attached), plus any out-of-pocket expenses.
Weld County, Colorado and BONDI & Co. uc further agree that any dispute over fees charged
will be submitted for resolution by arbitration in accordance with the rules of the American
Arbitration Association. Such arbitration fees shall be binding and final. In agreeing to
arbitration, we both acknowledge that in the event of a dispute over fees, each of us is giving up
the right to have the dispute decided in a court of law before a judge or jury, and instead we are
accepting the use of arbitration for resolution.
Weld County, Colorado also agrees that in order to prevent disruptive practices which may
harm the business of BONDI & Co. ac during the course of our services under this
agreement, and for a period of one year thereafter, no person acting on behalf of Weld County,
Colorado, any of it's affiliates, employees or representatives, will solicit or attempt to hire or
hire any employee or consultant working for our firm. Weld County, Colorado and BONDI &
Co. uc agree that any breach of this provision would cause damages to our firm that would be
difficult and impracticable to ascertain, and the amount of$15,000 or 25% of the person's first
year compensation (whichever is higher) shall constitute a fair and reasonable estimate of those
damages. Weld County, Colorado waives any right to claim that such amount is not fair and
reasonable and agrees to pay all attorney's fees and costs incurred by BONDI & Co. uc in
enforcing this provision. BONDI & Co. ac agrees that the recovery of such amount shall
constitute its sole right, remedy and recourse against Weld County, Colorado or its affiliates,
employees and representatives for the violation of the prohibitions contained in this paragraph.
Board of County Commissioners
Weld County, Colorado
Page 3
Our files are subject to peer review by outside regulators and by our own professional
association, the American Institute of Certified Public Accountants. These peer reviews are
conducted to make sure we are using the applicable standards in performing our work for you.
By approving us as your accountants you are granting us permission to have your files available
for our peer review.
This agreement will serve as a basis of understanding between our firm and Weld County,
Colorado, from this point forth until either party notifies the other of any change in writing.
Please indicate your agreement to these arrangements by signing below and return the original to
us in the enclosed envelope. The copy is for your files.
Sincerely,
BONDI& Co. ac APPROVED:
By:
William H. Jerke
Title: Chair, Board of County Commissioners
Date: 09/12/2005
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BONDI & Co. LLC
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
2005 RATE SCHEDULE
Partners $ 200 - $ 275 per hour
Managers $ 150 - $ 190 per hour
Consultants $ 125 - $ 160 per hour
Senior Staff $ 100 - $ 145 per hour
Staff $ 40 - $ 100 per hour
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