Agenda - 04-15-2008-4f - Laserfiche WebLink

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0 Orange County, North Carolina Marcfi 24, 2008 Page 3 Orange County, North Carolina's Responsibilities Management is responsible for the financial statements, including adjusting the financial statements to correct material misstatements, and for making all financial records and related information available to us. Management is responsble for provid'mg us with a written management representation letter confirming certain representations made during the course of our audit of the financial statements and affirming to us that it believes the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole and to the opinion units of the financial statements. Management is responsible for establishing and maintaining effective Internal control over financial reporting and far informing us of all significant deficiencies and material weaknesses in the design or operation of such controls of which it has knowledge. Management is responsible far identifying and ensuring that the entity complies wrth the laws and regulations applicable to i[s activities, and for informing us about ail known material violations of such laws or regulations. In .addition, management is responsible for the design and implementation of,ptograms and controls to prevent and detect fraud, and for informing us about ail known or suspected fraud affecting the entity involving management employees who have significant roles in internal control and others where the fraud cauid have a material effect on -- -the financial statements. Management is also responsble far informing us of its knowledge of any aliegatians of fraud or suspected fraud affecting the entity received in communications from employees, former employees, analysts, regulators, orothers. . Management is atsa responsible for (a}making us aware of sign'~ftcant vendor relationships where the vender is responsible for program compliance, (b) following up and taking corrective action ~on audit findings, including the preparation of a summary schedule of prior audit findings, and a corrective action plan, and (c) report distribution ~inciuding submitting the reporting packages. The Board of County Commissioners are responsible far informing us of its views abaut the risks of fraud within the entity, and its knowledge of any fraud or suspected fraud affecting the entity. The County agrees that our report on the financial statements will not to be included in an official statement or other document invohred with the sale of debt instruments wdhout our prior consent. Additionally, if the County intends to publish or otherwise reproduce the financial statements and/or make reference to us or our audit, you agree to provide us wrth printer's proofs or a maste"r for our review and consent before reproduction and/or release occurs. 'You also agree to provide us with a copy of the final reproduced material for our consent'befor~e it'is distn'buted or released. Our fees for any additional services that may be required under our quality assurance system as a result of the above wilt be established with you at the time such services are determined to be necessary. In the event our auditor/client n;lationstiip has'been'temiinated when the Organization seeks such consent, we wr"fi ~be under na obligation to grant such consent or approval. Our professional standards require that we perform certain additional procedures, on current and previous years' engagements, whenever a partner or professional employee leaves the firm and is subsequently employed by or associated with a client. Accordingly, the County agrees it will compensate McGladrey & Pullen, LLP for any additional costs incurred as a result ofthe employmerd of a partner or professional employee ofi~rlcGladrey'8~'Puilen, LLP.