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City of Paris August 10, 2004 Page 5 Audit Administration. Fees. and Other (Continued) At the conclusion of the engagement, we will complete the appropriate sections of and sign the Data Colle tion Form that summarizes our audit findings, We will provide copies of our reports to the City; however, it is manage ent's responsi- bility to submit the reporting package (including financial statements, schedule of expenditures of ederal awards, summary schedule of prior audit findings, auditors' reports, and a corrective action plan) along with the ata Collection Form to the designated federal clearinghouse and, if appropriate, to pass-through entities. The Data CoIl tion Form and the reporting package must be submitted within the earlier of 30 days after receipt of the auditors' reports or nine months after the end of the audit period, unless a longer period is agreed to in advance by the cognizant or over' ght agency for audit. At the conclusion of the engagement, 'We will provide information to management as to wher the reporting packages should be submitted and the number to submit. The workpapers for this engagement are the property of McClanahan and Holmes, LLP, and will consti te confidential information. However, pursuant to authority given by law or regulation, we may be reijuested to make ce ain workpapers available to a federal or state agency providing direct or indirect funding, or the United States General Ac ounting Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsib lities. We will notify you of any such requests. If requested, access to such workpapers will be provided under the supervision of McClanahan and Holmes, LLP personnel. Furthermore, upon request, we may provide photo cop es of selected workpapers to the aforementioned parties, These parties may intend, or decide, to distribute the hotocopies or information contained therein to others, including other governmental agencies, The workpapers for this engagement will be retained for a minimum of three years after the date the a issued or for any additional period requested by the cognizant or oversight agency for audit or pass-thro are aware that a federal awarding agency, pass-through entity, or auditee is contesting an audit fmding, we party(ies) contesting the audit finding for guidance prior to destroying the workpapers, itors' report is h entity. If we 11 contact the McClanahan and Holmes, LLP originated from the public accounting practice opened in Paris in 19 2 by Mr. F. I. McClanahan, The fmn has grown to a five officer professional limited liability partnerslúp with operating ffices in Paris, , Bonham, and Denison, Our fmn consists of eleven certified public accountants, five professional perso el, and several para-professionals and clerical personnel who have extensive experience. Attachments list current clien s for wlúch we provide similar audit services and provide the education and experience of professional audit personnel ost likely to be assigned to the audit. Based on our understanding of the audit work required and our evaluation of your books and records, we would estimate that the fee for the engagement would not exceed $42,500 plus out-of-pocket expenses (such as report rep oduction costs, postage, etc), As competitive bidding by licensed certified public accountants is not permitted by s te law, this is considered a fee estimate and as such, we will not be bound to provide the proposed services for the est' ted amount. Our estimated fee for these services is based on the following rates and estimated hours of professional t' e. It should be noted that this fee is an estimate and the actual fee billed will be based on our standard billing rates an the number of hours necessary to complete the required scope of work. McCLANAHAN AND HOLMES, LLP