Orange County NC Website
Further, you are required to designate an individual with suitable skill, knowledge, or experience <br /> to oversee any nonaudit services we provide and for evaluating the adequacy and results of those <br /> services and accepting responsibility for them. <br /> Management is responsible for establishing and maintaining effective internal controls, including <br /> internal controls over compliance, and for monitoring ongoing activities to help ensure that <br /> appropriate goals and objectives are met. You are also responsible for the selection and <br /> application of accounting principles; for the fair presentation in the financial statements of the <br /> respective financial position of the governmental activities, the business-type activities, the <br /> discretely presented component unit, each major fund, and the aggregate remaining fund <br /> information of Orange County and the respective changes in financial position, and where <br /> applicable, cash flows in conformity with U.S. generally accepted accounting principles; and for <br /> compliance with applicable laws and regulations and the provisions of contracts and grant <br /> agreements. <br /> Management is also responsible for making all financial records and related information <br /> available to us and for ensuring that management and financial information is reliable and <br /> properly recorded. Your responsibilities also include, identifying significant vender relationships <br /> in which the vendor has responsibility for program compliance and for the accuracy and <br /> completeness of that information. Your responsibilities include adjusting the financial statements <br /> to correct material misstatements and for confirming to us in the representation letter that the <br /> effects of any uncorrected misstatements aggregated by us during the current engagement and <br /> pertaining to the latest period presented are immaterial,both individually and in the aggregate, to <br /> the financial statements taken as a whole. <br /> You are responsible for the design and implementation of programs and controls to prevent and <br /> detect fraud, and for informing us about all known or suspected fraud or illegal acts affecting the <br /> government involving (1) management, (2) employees who have significant roles in internal <br /> control, and (3) others where the fraud or illegal acts could have a material effect on the financial <br /> statements. Your responsibilities include informing us of your knowledge of any allegations of <br /> fraud or suspected fraud affecting the government received in communications from employees, <br /> former employees, grantors, regulators, or others. In addition, you are responsible for identifying <br /> and ensuring that the entity complies with applicable laws, regulations, contracts, agreements, <br /> and grants. Additionally, as required by OMB Circular A-133, it is management's responsibility <br /> to follow up and take corrective action on reported audit findings and to prepare a summary <br /> schedule of prior audit findings and a corrective action plan. The summary schedule of prior <br /> audit findings should be available for our review on the first day of interim fieldwork. <br /> Management is responsible for establishing and maintaining a process for tracking the status of <br /> audit findings and recommendations. Management is also responsible for identifying for us <br /> previous financial audits, attestation engagements, performance audits, or other studies related to <br /> the objectives discussed in the Audit Objectives section of this letter. This responsibility includes <br /> relaying to us corrective actions taken to address significant findings and recommendations <br /> resulting from those audits, attestation engagements,performance audits, or studies. You are also <br /> responsible for providing management's views on our current findings, conclusions, and <br /> recommendations, as well as your planned corrective actions, for the report, and for the timing <br /> and format for providing that information. <br />