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a4i <br /> MAIZE.CaMY <br /> BOAAM Cr-- CMUSSIOVnS Action Ps1_nda.) <br /> ACTION AMCA IMI ABsnm= Item r o. �p <br /> MEEMM, DATE January 18, 1983 <br /> Subject: AUDIT CONTRACT--1982-83 <br /> Departent: Finance Hearing: es <br /> Attachment(s): 1x fo=tion Contact: Wallace Harding <br /> AUDIT CONTRACT <br /> • Ply._ Phanber: 732-8181 <br /> pUgppSE; To contract with the accounting firm of Touche, Ross & Co, for the second <br /> year per our request for proposal. <br /> Ate: General Statute 159-34 requires each local government to have its accounts <br /> audited annually by an independent auditor. Attachment P'af OMBA-102 requires <br /> an organization-wide single audit of all federal grants. <br /> Benefits to the County of a single audit are as follows: <br /> 1) The organization-wide audit of grants will provide substantial benefits <br /> in the form of efficiencies and economies in comparison to the grant- <br /> by-grant approach. The principal benefit -is that no further federal <br /> audit requirements will be imposed. <br /> 2) The audit of all federal and state programs at a common date should <br /> minimize the interruption of normal operations. <br /> 3) The time required of Finance and other department personnel assigned <br /> to work with auditors generally will be reduced. <br /> 4) The cost of conducting an organization-wide audit can be charged against <br /> the grants. <br /> IMPACT: The financial audit contract is for the agreed upon second year price of <br /> $22,100. The Federal Government requires that a single audit be done for <br /> all grant funds, therefore, this audit has been included at a cost of <br /> $9,200. The $9,200 expenditure will be charged to the grants that are <br /> being audited and will result in complete recovery for the County. <br /> RECOMMENDATION: Approve attached contract. <br />