{
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            "text": "Management and the Board of Regents\nKentucky State University\nAugust 17, 2017\nPage 6",
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            "text": "Our invoices are due and payable upon receipt. Invoices that are not paid within 30 days of receipt are subject to a monthly interest charge of one percent per month or the highest interest rate allowed by law, whichever is less, which we may elect to waive at our sole discretion, plus costs of collection including reasonable attorneys' fees. Circumstances may arise under which we must perform additional work and thus require additional billings for our services. Examples of such circumstances include, but are not limited to:"
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            "text": "• Changing audit requirements"
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            "text": "New professional standards or regulatory requirements"
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            "text": "New financial statement disclosures"
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            "text": "Work caused due to the identification of, and management's correction of, inappropriate application of accounting pronouncements"
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                    "text": "Erroneous or incomplete accounting records",
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                    "text": "New or unusual transactions"
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                    "text": "Change in your organizational structure or size due to merger and acquisition activity or other events",
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                    "text": "Change in your controls",
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                    "text": "Agreed-upon level of preparation and assistance from your personnel not provided",
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                    "text": "Failure of your staff to prepare information in a timely manner",
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                    "text": "Numerous revisions to your information",
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                    "text": "Lack of availability of appropriate University personnel during audit fieldwork."
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            "text": "Additionally, to accommodate requests to reschedule audit fieldwork without reasonable notice, additional billings for our services could be required, and our assigned staffing and ability to meet agreed-upon deadlines could be impacted."
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            "text": "Our fee assumes that we will be provided with auditable trial balances for all funds at year end, that all bank accounts and investment accounts will be reconciled through the end of the year being audited to the trial balances, that interfund and transfer accounts will balance, that subsidiary ledgers will reconcile to the general ledger and that beginning net position amounts will be reconciled to prior year audited ending net position. We assume that the University will cooperate with our requests for information such as explanations of account activity."
        },
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            "text": "We assume that requested records such as invoices, contracts, grant agreements and supporting documentation will be located and provided to us. We also assume the University will prepare confirmation letters, the MD&A section, the Schedule of the University's Proportionate Share of the Net Pension Liability, and the Schedule of University's Contributions."
        },
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            "text": "Our fee does not include implementation of any other future accounting or auditing pronouncements and/or government requirements that may change, thus, the scope or amount of auditing necessary to complete our engagements may increase beyond what is currently anticipated. Should such events occur, we would present you with our estimate of any possible increase prior to beginning our audit for the given year. An equitable adjustment in the proposed fee will be negotiated if the cost of time required for performance of the audit service is increased or decreased pursuant to a change in scope of the audit requested by the University or required by State or Federal regulations."
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            "text": "When we become aware of circumstances which impact the amount or scheduling of our work, we will issue, for your approval, a formal change order detailing the reason and the anticipated impact of the change."
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