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28 <br /> McGladrey&Pullen <br /> Independent Auditor's Report <br /> To the Board of County Commissioners <br /> Orange County,North Carolina <br /> Hillsborough,North Carolina <br /> We have audited the accompanying financial statements of the governmental activities,the business-type activities, <br /> each major fund,and the aggregate remaining fund information of Orange County,North Carolina(the'County'),as <br /> of and for the year ended June 30,2007,which collectively comprise the Countys basic financial statements as listed <br /> in the table of contents. These financial statements are the responsibility of the County's management Our <br /> responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial <br /> statements of the Orange County ABC Board(the"Board'),a component unit. Those financial statements were <br /> audited by other auditors whose reports thereon have been furnished to us;and our opinion,insofar as it relates to <br /> the amounts included for the Board is based solely on the reports of the other auditors. <br /> We conducted our audit in accordance with auditing standards generally accepted in the United States of America <br /> and the standards applicable to financial audits contained in Government Auditing Standards,issued by the <br /> Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain <br /> reasonable assurance about whether the financial statements are free of material misstatement The financial <br /> statements of the Board were not audited in accordance with Government Audflfng Standards An audit includes <br /> examining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit <br /> also includes assessing the accounting principles used and significant estimates made by management,as well as <br /> evaluating the overall financial statement presentation. We believe that our audit and the report of the other auditors <br /> provide a reasonable basis for our opinions. <br /> In our opinion,based on our audit and the report of other auditors the financial statements referred to above present <br /> fairly,in all material respects,the respective financial position of the governmental activities,the business-type <br /> activities,each major fund,and the aggregate remaining fund information of the County as of June 30,2007,and the <br /> respective changes in financial position and cash flows,where applicable,thereof and the respective budgetary <br /> comparison for the general fund for the year then ended in conformity with accounting principles generally accepted <br /> in the United States of America. <br /> In accordance with Government Auditing Standards,we have also issued our report dated November 20,2007 on <br /> our consideration of the Countys internal control over financial reporting and our tests of its compliance with certain <br /> provisbns of laws,regulations,contracts and grant agreements,and other matters. The purpose of that report is to <br /> describe the scope of our testing of internal control over financial reporting and compliance and the results of that <br /> testing,and not to provide an opinion on the internal control over financial reporting or on compliance. That report is <br /> an integral part of an audit performed in accordance with Government Auditing Standards and should be considered <br /> in assessing the results of our audit <br /> Modadrey&P iIar LIP a a member irm of RSM International. <br /> an atNiafon of separate and independent legal sower. <br /> 1 <br /> BOCC Meeting, January 22, 2009, Page 28 /39 <br />