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I I Page 4 I and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion. I Audit Administration, Fees, and Other I We understand that your employees will prepare all cash, accounts receivable, or other confirmations we request and will locate any documents selected by us for testing. I The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, pursuant to authority given by law or regulation, we may be requested to make certain audit documentation available to a cognizant or oversight agency for audit or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oyersight responsibilities. We will notify you of any such request. If requested, access to such audit. documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon<,request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The XXXXXXX agrees to notify Grau & Associates of any public record request it receives that involves audit documentation. I I I Our fee for these services will be at our standard hourly rates plus out-of-pocket costs (such as report reproduction, word processing, postage, travel, copies, telephone, etc.) except that we agree that our gross fees, including expenses, will be as follows: I I Year ending September 30:2007 Year ending September 30,2008 Year ending September 30, 2009 $XXXXX $XXXXX $XXXXX I Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. Our invoices for these fees will be rendered each month as work progresses and are payable on preksentation:lnvoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is pai(j in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to ~ave be_~n completed upon written notification of termination, even if we have not completed our report. You will be obligated'to compensate us for all time expended and to reimburse us for all out- of-pocket costs through the date of termination. The above fees are based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered. If significanradditional time is necessary, we will discuss it with you and arrive at a new fee estimate. I I I Government Auditing Standards require that we provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2004 peer review report accompanies this letter. I I I I 'lr;c:r~~if~d ~~~~~~~,~:~