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

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0 Orange County, North Carolina . ~ March 24, 2008 Page 5 Any claim arising out of services renden:d pursuant to this agreement shall be resolved in accordance with the taws of the State of North Carolina. It is agreed by the County and McGiadrey & Pullen, LLP or anysuccessors in interest that no claim arising out of services rendered pursuant to this agreement by or on behalf of the County shall be~ asserted more than two years after the date of the last audit report issued by McGladrey & Pullen, IlP. You have informed us that you intend to prepare~a comprehensive annual financial report (°CAFR°) and submit itfor evaluation by the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting. Our participation in the preparation of the CAFR is th consist of having the financial statement report reviewed by a person who is also a reviewer for the GFOA Certificate Program and have him involved in the resolution of arty accounting or reporting questions that arise during the engagement. We will assist in drafting the County's financial statements and preparation of schedules of property tax receivables for the Towns of Ghapef Hiil, Carrboro and Hillsborough, ail of which are reviewed and approved 6y management. The draft and schedules are the responsibility of management. The two overarching principles of the independence standards of the Government Audrt<ng Standards issued by the Comptroller General of the United States provide that management is responsible for the substantive outcomes of the work, and therefore, has a responsibility and is able th make any informed judgment on the results of the services described above. Accordingly, the Gountyr agrees bo the following: Mc Gary Humphreys, Financial 5ervrces Director, will tie accountable and responsible~for overseeing the draft of the County'sfinancial statements and preparation of schedules df properly tax receivables fortheTowns of Chapel Hiil, Carrboro and Hillsborough. The County will establish and mon'rtar'the ~peiformance of~the draft of~the ~Courit~s financial statements and preparation of schedules of properly tax receivables for the Towns of Chapel Hill, Carboro and Hillsborough to ensure that they meet management's objectives. The County will make any decisions that involve management functions related to the draft of the County's financial statements and preparation of schedules of property tax receivables forthe Towns of Chapel Hili, Carrboro and Hillsborough and will accept full responsibility for such decisions. The County will evaluate the adequaey of services performed and any findings that result. This letter constitutes the complete and exclusive statement of agreement between McGladrey 8~ Pullen, LAP and Orange County, North Carol'ma, superseding all proposals oral or written and all other communication, with respect to the terms of the engagement between the parties. in accordance with GovemmentAudrdng Standards, a copy of our most recent peer review report and applicable letter of comment is enclosed for your irrfornration.