Agenda - 04-21-2009 - 4i - Laserfiche WebLink

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McGladrey & Pullen The Honorable Manager and Members www.mcgladrey.com of the County Commissioners Orange County, North Carolina Hillsborough, North Carolina Attention: Mr. Gary Humphreys, Financial Services Director This letter is to explain our understanding of the arrangements for the services we are to perform for the Orange County, North Carolina (the "County") for the year ending June 30, 2009. We ask that you either confirm or amend this understanding. Audit Services We wiA pertorrn an audit of the County's governmental activities, business-type activities, aggregate discretely presented component unit, each major fund, aggregate remaining fund information and budgetary comparison for the general fund as of and for the year ending June 30, 2009 which collectively comprise the basic financial statements. We understand that these financial statements will be prepared in accordance with accounting principles generally accepted in the United States of America. The objective of an audit of financial statements is to express an opinion on those statements. We are responsible for forming and expressing an opinion about whether the financial statements that have been prepared by management with the oversight of the Board of County Commissioners are presented fairly, in all material respects, inconformity with accounting principles generally accepted in the United States of America. We will also pertomt the audit of the County as of June 30, 2009 so as to satisfy the audit requirements imposed by the Single Audit Act, the U.S. Office of Management and Budget ("OMB") Circular No. A-133 and the State Single Audit Implementation Act of North Carolina. We will conduct the audit in accordance with auditing standards generally accepted in the United States of America; "Govemment Auditing Standards" issued by the Comptroller General of the United States; the provisions of the Single Audit Act, OMB Circular A-133 and OMB's Compliance Supplement; and, the State Single Audit Implementation Act. Those standards, circulars, supplements or guides require that we plan and perform the audit to obtain reasonable rather than absolute, assurance about whether the financial statements are free of material misstatement whether caused by error or fraud. Accordingly, a material misstatement may remain undetected. Also, an audit is not designed to detect errors or fraud that are immaterial to the financial statements. The determination of abuse is subjective; therefore, Govemment Auditing Standards do not expecf us to provide reasonable assurance of detecting abuse. McGladrey & Pullen, LtP is a member firm of RSM International - an affiliation of separate and independent legal entities. March 16, 2009 McGladrey 6 Pullen, «P 230 Narth Elm St., Ste.1100, Greensboro, NC 27401-2436 P.O. Box 2470, Greensboro, NC 27402-2470 0 336.273.4461 F 336.2742519