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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 24, 2013 <br />Action Agenda <br />Item No. 5 -j <br />SUBJECT: Extension of Audit Services and Contract with Martin Starnes & Associates, <br />CPAs, P.A. <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />Audit Engagement Letter <br />INFORMATION CONTACT: <br />Clarence Grier, 919 - 245 -2453 <br />1 <br />PURPOSE: To approve an extension of contract services to perform the annual County audit for <br />the fiscal years ending June 30, 2013, 2014, and 2015. <br />BACKGROUND: By North Carolina General Statute, Orange County is required to have an <br />independent a u d i t conducted. For the past three fiscal years, Martin Starnes & Associates, <br />CPAs, P.A. (Martin Starnes) has performed the County's annual audit. Martin Starnes has been <br />instrumental in assisting the County in resolving financial and accounting issues, and has assisted in <br />the upgrade of the County's credit ratings by performing the audit in a timely and efficient manner. <br />Martin Starnes proposes the following fees for the audit for the next three fiscal years: <br />Fiscal Year <br />2013 <br />2014 <br />2015 <br />Amount <br />$ 85,800 <br />$ 88,300 <br />$ 88,300 <br />The fee for FY 2013 will remain the same as FY 2012. <br />In recent years the following firms have performed the County's audit services: <br />• Cherry, Bekaert and Holland , LLP <br />• McGladrey and Pullen, LLP <br />• Martin Starnes & Associates, CPAs <br />FY2001 -2006 <br />FY2007 -2009 <br />FY2010 -2012 <br />Due the changes in financial and auditing standards, federal and state regulations, and reduction in <br />the number of firms performing audits of governmental entities, governmental entities are <br />maintaining their auditing firms for longer periods of time. <br />