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ORANGE COUNTY 056 <br /> BOARD OF COMMISSIONERS <br /> Action A <br /> Item No. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 21, 1987 <br /> SUBJECT: 1986-87 Audit Contract <br /> DEPARTMENT: Finance PUBLIC HEARING: Yes No <br /> ATTACHMENT(S) : INFORMATION CONTACT: Gordon Baker <br /> TELEPHONE NUMBER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To consider awarding a contract to develop the audit for year ending <br /> June 30, 1986. <br /> • <br /> • <br /> BACKGROUND: Units of local government are required to have an annual audit of <br /> their record by an independent auditor. <br /> It is recommended by the Municipal Finance Officers Association <br /> that local governments reconsider their relationship with an auditing <br /> firm once every three to five years to decide whether to continue <br /> or make a change. The evaluation is normally done on the basis <br /> of a request-for-proposal which allows comparison of auditing firm <br /> qualifications such as (1) nearness of the auditing staff for year <br /> round service, (2) ability to perform the review in a quality and <br /> timely manner, (3) reputation for producing accurate and comprehensive <br /> reports, and (4) professional fee. <br /> While a relation can be too long with a particular firm, some degree <br /> of duration is encouraged due to the cost effectiveness of this <br /> policy. The costs incurred by auditors during their first audits <br /> of an organization are normally higher because of the considerable <br />