Agmt12 Badawi and Associations formerly Caporicci & Larson

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Due Diligence Reviews: The first Due Diligence Review required by AB 1484 is due no later than October 1, 2012. The Second Due Diligence Review is due no later than December 15, 2012. Consultant will perform this engagement and report findings in accordance with standards established by the American Institute of Certified Public Accountants. Because the procedures do not constitute an audit conducted in accordance with auditing standards generally accepted in the United States of America, Consultant will not express an opinion on any of the accounts or items referred to above. Consultant's engagement cannot be relied upon to disclose errors, irregularities or illegal acts, including fraud or defalcations that may exist. However, Consultant will inform the Agency of any material errors, irregularities or illegal acts that come to Consultant's attention, unless they are clearly inconsequential. Consultant will submit a report listing the procedures performed and findings. This report is intended solely for the use of Agency, and should not be used by those who did not agree to the procedures and take responsibility for the sufficiency of the procedures for their purposes. Consultant's report will contain a paragraph indicating that had consultant performed additional procedures, other matters might have come to our attention that would have been reported to Agency. Should Consultant have any reservations with respect to the agreed upon procedures, consultant will discuss them with Agency before the report is issued. Aqreed upon Procedures related to Assembly Bill No. 1484 1. Obtain from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency to the Successor Agency on February 1, 2012. Reconcile the amounts on this listing to account balances established in the accounting records of the Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of the assets transferred to the Successor Agency as of that date. 2. If the State Controller's Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. If this has not yet occurred, perform the following procedures: A. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from the former redevelopment agency to the city, county, or city and county that formed the redevelopment agency for the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from the Successor Agency to the city, county, or city and county that formed the redevelopment agency for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. C. For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required any transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. ATTY/AGR/2012.153/BADAWI ASSOC—SA REV:09-18-12 VR Page 12 of 16