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I <br />I <br />z <br />i <br />ORANGE COUNTY 0 2 <br />BOARD OF COMMISSIONERS ACTION AGENDA <br />ACTION AGENDA ITEM ABSTRACT ITEM N0, <br />MEETING DATE -Noyembs-r 1-r,- 1983 <br />SUBJECT: 1984 -85 Annual Audit Contract <br />DEPARTMENT: Finance PUBLIC HEARING: YES NO <br />INFORMATION CONTACT:Wallace Harding <br />ext.; 496 <br />PHONE NUMBERS: HILLSBOROUGH _ 732 -8181 <br />HILLSBOROUGH - 732 -9361 <br />CHAPEL HILL - 967.9251 <br />MEBANE - 227 -2031 <br />DURHAM - 688 -7331 <br />PURPOSE: To contract with the accounting firm of Touche Ross & Company. <br />NEED: N. C. General Statute 159 -34 requires each local government to have <br />its accounts audited annually by an independent auditor. Attachment P <br />of the Federal Office of Management and Budget Circular A -102 requires <br />an organization -wide single audit of all federal grants. <br />IMPACT: The audit fee is $33,500 or 7.0% above last year. The fee for the <br />single audit will be included in our charge back to the grants through <br />our indirect cost plan. Performance of this audit will eliminate the <br />need for other agencies to audit Orange County. The increase in the <br />single audit fee was a result of much more detailed work required to <br />be done to meet compliance standards than anticipated, <br />RECOMMIENDATION(S): <br />Approval. <br />