At the conclusion of the engagement, it is management's responsibility to submit the reporting package (including financial statements, schedule of expenditures of federal awards, summary schedule of prior audit findings, auditor's reports, and corrective action plan) along with the Data Collection Form to the designated federal clearinghouse and, if appropriate, to pass-through entities. The Data Collection Form and the reporting package must be submitted within the earlier of thirty days after receipt of the auditor's reports or nine months after the end of the audit period.

The University will provide us with the necessary information to prepare the letter of compliance with House Bill 622. We are relying on the University to provide us with all information required by the "Minimum Audit Scope Compliance House Bill 622 (KRS 164A.555 to 164A.630)", dated August 1983, issued by the Commonwealth of Kentucky Finance and Administration Cabinet. Management is solely responsible for the compliance with the provisions of House Bill 622.

The University will provide us with the necessary information to prepare the letter of compliance with provisions of KRS 56.800 through 56.823, KRS 48.111 and KRS 48.190 as well as the Model Audit Program Checklist for Lease Law Compliance for Postsecondary Education Institutions. Management is solely responsible for compliance with these provisions.

We will provide assistance in completing sections of the Data Collection Form (DCF) relative to its federal award programs pursuant to the requirements of Section §200.512 of the Uniform Guidance that are promulgated to be completed by the University. While we may provide this data entry service and assist you in satisfying your electronic data communication requirements to the Federal Audit Clearinghouse, the completeness and accuracy of this information remains the responsibility of your management.

With respect to the above other services, you agree to: assume all management responsibilities including making all management decisions; oversee the service by designating an individual, preferably within senior management, who possesses suitable skill, knowledge, and/or experience; evaluate the adequacy and results of the services performed; and accept responsibility for the results of the services.

Our fees, including out-of-pocket expenses, for these services will not exceed $120,000. Our fee is based on the following key assumptions, and additional fees may apply if the following factors are not present.

Up to two major federal programs for Uniform Guidance purposes. Additional required major programs will result in additional fees, which will be presented to the University for approval.

Year-end audit fieldwork will start no earlier than October, and the University is aware that it will need to request an extension for the Kentucky Auditor of Public Accounts' deadline for submitting audited financial statements.

Management will utilize an outsourced third party to assist with audit workpaper and financial statement preparation. We also assume we will have a direct line of communication with the outsourced accountants throughout the audit process.