2002 S Finance - Cherry, Bekaert & Holland

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RETURN THIS COPY TO THE CLERK'S OFFICE FOR THE PERMANENT AGENDA FILE LE March 25, 2002 Mr. Kenneth T. Chavious, Finance Director Orange County 208 S. Cameron St. P.O. Box 8181 Hillsborough,NC 27278 Dear Mr. Chavious: This letter of arrangement between the Orange County (the "County") and Cherry, Bekaert & Holland, L.L.P. sets forth the nature and scope of the services we will provide,the County's required involvement and assistance in support of our services, the related fee arrangements and other terms and conditions designed to assure that our professional services are performed to achieve the mutually agreed upon objectives of the County. SUMMARY OF SERVICES A. Financial Audits We will audit the basic financial statements of the County as of and for the year ending June 30, 2002, in accordance with auditing standards generally accepted in the United States of America; the standards for financial audits contained in 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, "Audits of States, Local Governments and Non-Profit Organizations"; and the State Single Audit Implementation Act. Our audit will include tests of accounting records, a determination of major programs in accordance with Circular A-133 and 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 present fairly, in all material respects, the financial position, results of operations, and cash flows of the County 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 basic financial statements taken as a whole. We also will perform tests of compliance as required by Government Auditing Standards, the provisions of OMB Circular A-133, and the State Single Audit Implementation Act, and issue our reports thereon.