2005 S Finance - Cherry, Bekaert & ITolland, L.L.P Audit Contract for the June 30, 2005 Fiscal Year

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~ ~~ , Cherry, Bekaert & Holland, L.L. JUN The Firm of Choice. 1 2005 vli~wal-.cbh.com Ln^ e 1 ~~~y~'~ 2626 Glenwood Avenue -Suite 300 1!4111_ IH Raleigh, North Carolina 27608 G` V 1iR ~~ ~ ~' ®i ! phone 919.782.1040 I ~ fax 919.783.0976 April 8, 2005 Mr. Kenneth T. Chavious, Finance Director Orange County 208 South Cameron Street Hillsborough, North Carolina 27278 Dear Ken: This letter of arrangement between Orange County, North Carolina "the entity' and Cherry, Bekaert & Holland, L.L.P. sets forth the nature and scope of the ser.~ices we will provide, the entity's required involvement and assistance in support of our services, the related fee arrangements and otherterms and conditions designed to assure that our professional services are performed to achieve the mutually agreed upon objectives of the entity. SUMMARY OF SERVICES We will audit the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information, which collectively comprise the basic financial statements of the entity as of and for the year ended June 30, 2005. We will also audit the schedules of property taxes receivable for the Town's of Hillsborough, Chapel Hill, and Carrboro as of June 30, 2005, and the related schedules of 2004 tax levy and collections for the years then ended. Our audits will be conducted in accordance with auditing standards generally accepted in the United States of America; Government Auditing Standards, issued by the Comptroller General of the United States; the Single Audit Act Amendments of 1996; the provisions of OMB Circular A-133; and the State Single Audit Implementation Act, and will include test of accounting records, a determination of major programs in accordance with Circular A-133, the State Single Audit Implementation Act, and other procedures as deemed necessary to enable us to express such an opinion and to render the required reports. The objective of an audit is the expression of our opinion concerning whether the basic financial statements are fairly presented, in al! material respects, in conformity with accounting principles generally accepted in the United States of America. In connection with our audit, we will report on the fairness of presentation of the schedules of federal and state financial assistance in relation to the financial statements taken as a whole. We will also perform tests of compliance as required by GovemmentAuditing Standards, the provisions of OMB CircularA-133, and the Audit Manual for Governmental Auditors in North Carolina, and issue our reports thereon. If any of our opinions resulting from the procedures described above are other than unqualified, we will fully discuss the reasons with you in advance. The reports on internal control and compliance will each include a statement that the report is intended solely for the information and use of the audit committee, management, specific legislative or regulatory bodies, federal and State awarding agencies, and if applicable, pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. ~~ ma.n..e.m m.me...~ BAKER TILLY INTERNATIONAL