Orange County NC Website
Browse       Search
05ni <br /> special initial reviews that must be performed as well as their <br /> general unfamiliarity with the organization being audited. Continuation <br /> over several years allows the firm to recover this start-up cost <br /> which may not be sufficiently reflected in the fee quotation. <br /> Orange County is nearing the time when such evaluation could be <br /> undertaken. Since 1983 the firm of Touche Ross has performed the <br /> audits. The record over the period has been an excellent one. Touche Ross <br /> has performed the audit in a professional and timely manner and <br /> has been readily accessible throughout the year. Also its fees <br /> have been competitive with other firms which perform audits of governments <br /> such as Orange County. It did not quote a low fee to get the contract <br /> and then escalate the amount in subsequent years. The fee changes <br /> have merely reflected normal cost escalation due to inflation. <br /> Finally, the quality of the work can be attested by the fact that <br /> for three years in a row the audits have received the highest awards possible. <br /> Given this record, only one proposal was solicited to do the report <br /> for Fiscal Year 1986-87. Touche Ross' proposed contract for the <br /> Comprehensive Annual Financial Report and certificate of tax levy <br /> is $25,000, an increase of $500 from 1985-86. The fee for the single <br /> audit of grant funds is $11,550, also an increase of $500 from 1985- <br /> 86. Preliminary audit work can begin during the month of May. <br /> RECOMMENDATION(S) : <br /> 1. Approve contract for FY 1986-87 and authorize the Chair to sign. <br /> 2. Decide whether to solicit multiple proposals for next year. <br />