1999 S Audit Contract for Fiscal Year Ending June 30, 1999

Browse Search

April 26, 1999 Orange County,North Carolina Page 4 The objective of an audit carried out in accordance with the standards described above is(1) the expression of an opinion concerning whether the general purpose financial statements present fairly, in all material respects the financial position,results of operations,and cash flows of the County in conformity with generally accepted accounting principles, (2)reporting on the internal control relevant to an audit of the financial statements, (3)reporting on the County's compliance with laws and regulations, which could have a material effect on the financial statements, (4)reporting on whether the schedule of expenditures of federal and state awards is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole, (5)the reporting on our determination as to whether the County's internal control provides reasonable assurance of compliance with federal laws and other laws and regulations,(6)the expression of an opinion on whether the County complied with specific terms and conditions of its major federal and state programs and(7)preparation of a schedule of findings and questioned costs to summarize the results of the audit in accordance with the requirements of OMB Circular A-133. Our ability to express that opinion and render those reports, and the wording of our opinion and reports,will, of course, be dependent on the facts and circumstances at the date of such reports. If we are unable to complete our audit or if our auditors' reports require modification, the reasons therefor will be discussed with County management and the Board of Commissioners. Neither our audit of the County's general purpose financial statements for the year ending June 30, 1999, nor any other services provided pursuant to this engagement letter, will provide any assurances, nor will we express any opinion,that the County's systems or any other systems, such as those of the County's vendors, service providers, customers,component units, unconsolidated subsidiaries or joint ventures in which the County has an investment or other third parties,are year 2000 compliant. In addition,we are not engaged to perform,nor will we perform as part of this engagement, any procedures to test whether the County's systems or any other systems are year 2000 compliant or whether the plans and activities of the County or any third parties are sufficient to address and correct system or any other problems that might arise because of the year 2000,nor will we express any opinion or provide any other assurances with respect to these matters. We understand that our reports on the County's internal control,as part of the general purpose financial statement audit and on compliance with laws and regulations, are intended for the information of the County Manager,members of the Board of County Commissioners(the "Board"), management and officials of federal and state awarding agencies and pass-through entities and the Local Government Commission.