Agenda - 02-19-1985 - Laserfiche WebLink

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ORANGE COUNTY • • BOARD OF COMMISSIONERS . • . ACTION AGENDA • • • ACTION AGENDA ITEM ABSTRACT ITEM NO.E1 • MEETING DATE February 19. 1985 • • • • 006 , • • SUBJECT: 198'5-86 Annual Audit Contract . • • DEPARTMENT: Finance I' PUBLIC HEARING: YESx NO • . . . . . . • . ATTACHMENT(S): Audit Contract ' INFORMATION CONTACT: Wallace Harding • • PHONE NUMBERS: HILLSBOROUGH - 732-8181 • HILLSBOROUGH - 732-9361 • • CHAPEL HILL - 967-9251 MEBANE - 227-2031 . . • • DURHAM - 688-7331 • • . PURPOSE: To consider renewing the contract with the accounting firm • of Touche Ross Ei Co. • - • • • • • • • • • • • • • • • • • • • NEED: N.C. General Statute 159-34 requires each local government to have its • accounts audited-Annually by an independent auditor. "The Single Audit •Act of 1984" was recently.passed by Congress. This Act requires an organization - wide single audit of all federal grants. • • • • • . • • . • • • • • • IMPACT:. The audit fee for the Comprehensive Annual Financial Report and .• certification of the tax levy is $23,400, no change from 1983-84. . The audit fee for the Single Audit is $10,800, an increase of $700 from 1983-84. The fee for the single audit will be recovered thru • • direct and indirect charge backs to the grants audited. • • • • • • RECOMMENDATION(S): Approve contract. • • • Jame..