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ORANGE `COUNT\ <br /> GOAD p}- COMMISSIORERS ACTMA:ACTIO�# AP-NO;', ITEM ABSTRAC T ITE <br /> ME1�TIUG DATE April 22 1986 - <br /> 1 <br /> 034 <br /> L 1985-86 Annual Audit Contract <br /> : Finance - PUBLIC HEARING; _ YES x NO(5) = Audit Contract IM FOP, ATION CONTACT: Finance Directo• t. 496 <br /> PHONE NUMBERS: HILLSBOROUGH - 732.43181 <br /> HILLSBOROUGH -- 73Z-9361 <br /> . , . : CHAPEL HILL -- 967- 251 <br /> EANE 227-2031 <br /> DURHAM -- G88-7331 <br /> To consider renewing the. contract with the accountingfirm of <br /> Touche Ross & Co. -N.C. General Statute 159-34 rquires each local government to have its _ <br /> accounts audited annually by. an independent auditor. "The Single Audit <br /> Act of 1984" was recently passed by Congress. This Act -requires an - <br /> organization-- wide single audit of all federal grants.The audit fee for the Comprehensive Annual Financial Report and <br /> certification of the tax levy is $24,500 an increase Of $1100 <br /> from 1984-85. The audit fee for the Single Audit is $11,000,an .increase of $200 from 1984-85. The fee fox the single audit <br /> will be recovered thru direct and indirect charge backs to the _ <br /> grants audited. 'ATIO;'(S) Approve contract. <br />