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2008-025 Finance - McGladrey & Pullen
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2008-025 Finance - McGladrey & Pullen
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Last modified
4/27/2011 9:55:58 AM
Creation date
6/11/2009 12:52:44 PM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
4c
Document Relationships
Agenda - 05-03-2007-4c
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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M <br />McGladrey & Pullen <br />• Certified Public Accountants <br />April 23, 2007 <br />The Honorable Manager and Members <br />of the County Commissioners <br />Orange County, North Carolina <br />P.O. Box 8181 <br />Hillsborough, North Carolina 27278 <br />Attention: Mr. Kenneth T. Chavious, Finance Director <br />RECEIVED <br />MAY 14 2007 <br />i.43CAL OOVERNMEN~ <br />';OMMISSION <br />s -3•~ ~ <br />~/ c <br />McGladrey 6 Pullen, LLP <br />230 North Elm St., Ste. 1100, Greensboro, NC 27401-2436 <br />P.O. Box 2470, Greensboro, NC 27402-2470 <br />0 336.273.4461 F 336.2742519 <br />www.mcgladrey.com <br />This letter is to explain our understanding of the arrangements for the services we are to perform for the Orange <br />County, North Carolina ("County") for the year ending June 30, 2007. We ask that you either confirm or amend this <br />understanding. <br />We will perform an audit of the County's governmental activities, business-type activities, discretely presented <br />component unit, each major fund, and aggregate remaining fund information as of and for the year ending June 30, <br />2007 which collectively comprise the basic financial statements. We understand that these financial statements will <br />be prepared in accordance with accounting principles generally accepted in the United States of America. The <br />objective of an audit of financial statements is to express an opinion on those statements. <br />• We will also perform the audit of the County as of June 30, 2007 so as to satisfy the audit requirements imposed by <br />the Single Audit Act and the U.S. Office of Management and Budget (°OMB") Circular No. A-133 and the state of <br />North Carolina Single Audit Implementation Act. <br />We will conduct the audit in accordance with auditing standards generally accepted in the United States of America; <br />Government Auditing Standards issued by the Comptroller General of the United States; the provisions of the Single <br />Audit Act, OMB Circular A-133 and OMB's Compliance Supplement; and the State Single Audit Implementation Act. <br />Those standards, circulars, supplements or guides require that we plan and perform the audit to obtain reasonable <br />rather than absolute, assurance about whether the financial statements are free of material misstatement whether <br />caused by error, fraudulent financial reporting, or misappropriation of assets. Accordingly, a material misstatement, <br />whether caused by error, fraudulent financial reporting,, or misappropriation of assets, may remain undetected. An <br />audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial <br />statements. As a result, an audit is not designed to detect errors or fraud that are immaterial to the financial <br />statements. An audit also includes assessing the accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. We believe that our audit will <br />provide a reasonable basis for our reports. <br />to addition to our reports on the County's financial statements we will also issue the following reports or types of <br />reports: <br />A report on the fairness of the presentation of the County's schedule of expenditures of Federal and State awards <br />for the year ending June 30, 2007. <br />Reports on intemal control related to the financial statements, and major programs. These reports will describe <br />the scope of testing of intemal control and the results of our tests of intemal controls. <br />• McGladrey fi Pullen, LLP is a member firm of RSM International - <br />an affiliation of separate and independent legal entities. <br />
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