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X. <br />FINANCE DEPARTMENT <br />November 24, 1998 <br />~c~/ <br />The. Board of County Commissioners <br />Orange County, North Carolina <br /> <br />~` ~'. <br />V ~ <br />~'•~~ a~a`'• <br />ORANGE COUNTY <br />NORTH CAROLINA <br />I am pleased to present you with a Comprehensive Annual Financial Report which <br />reflects very positive outcomes on the County's financial condition as well as the fiscal <br />processes and procedures followed by County staff. This report results from an annual <br />audit of the County's financial records that took place during the past several months. <br />The audit was performed by Deloitte and Touche, LLP. The attached letter outlines two <br />azeas noted by the auditor's in their review. These are isolated incidents for which <br />procedures aze currently in place to prevent reoccurrence. <br />Management Supervision and Review <br />This item represents review and approval of journal entries prior to input. Journal entries <br />aze manual entries that aze usually prepared to make corrections and/or to record <br />transactions that aze not computer generated. The majority of these entries are prepazed <br />by the staff accountant and aze usually routine from month to month. It is my <br />responsibility as Finance Director to review these entries prior to input. This review <br />normally takes place as entries are prepared throughout the month but was not performed <br />in the period mentioned by the auditors. <br />This issue has been discussed by stafly and a process is currently in place to insure that <br />this review takes place in periods when I face time constraints which impede my ability <br />to perform certain routine tasks. Since the majority of these entries are prepazed by the <br />staff accountant, another member of the Finance staff has been authorized to review and <br />approve the routine entries when I am unavailable. <br />rchasin <br />This item represents overpayment'to a cornractor. The overpayment was discovered and <br />corrected by the Purchasing Department, however the proper paperwork was not <br />forwarded to the Finance Department. As a result the Finance Department was unable to <br />make the appropriate journal entry reflecting the outcome. <br />208 SOUTH CAMERON ST + P.O. BOX 8181 • HILLSBOROUGH. NORTH CAROLINA • 919!732-8181 <br />