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1,1 Touche Re <br /> • 0 <br /> The Board of County Commissioners <br /> Orange county, North Carolina <br /> Page Two <br /> April 5, 1988 • <br /> We direct your attention to the fact that management has the responsibility <br /> for the proper recording of transactions in the books of account, for the <br /> safeguarding of assets and for the substantial accuracy of the financial <br /> statements. Such statements are the representations of management. <br /> The objective of our examination is the expression of an opinion on the <br /> County's financial statements. Our ability to express that opinion, and <br /> • <br /> the wording of our opinion will, of course, be dependent on the facts and <br /> circumstances at the date of our report. If our opinion will be other than <br /> unqualified, the reasons therefor will be fully disclosed. <br /> In addition, as part of our audit engagement, we will perform the following: <br /> a) an examination of the schedules of property taxes receivable and the <br /> related schedule of 1987 tax levy and collections for the year then ended, <br /> and b) a single audit in accordance with The Single Audit Act of 1984 which <br /> will include, as a noimal part of our examination, a letter of recommenda- <br /> tions including comments on deficiencies we have observed in internal <br /> controls and possible ways to improve the efficiency of your operations. <br /> It is also our practice to discuss our comments on such matters with the <br /> appropriate level of management. <br /> Assistance to be supplied by your personnel, including the preparation of <br /> schedules and analyses of accounts, will be discussed with the Director and <br /> Deputy Director of Finance. Timely completion of this work will facilitate <br /> the conclusion of our examination. <br /> Our fees are based on the amount of time required at various levels of <br /> responsibility, plus actual out-of-pocket expenses, payable upon <br /> presentation of our invoices. We estimate that our fees for the audit <br /> engagement will be 037,600, including expenses. We will notify you <br /> immediately of any circumstances we encounter which could significantly <br /> affect our estimate. <br /> Enclosed is LGC Form 205 regarding the audit of financial statements for <br /> the year ending June 30, 1988 for the Governing Body and Finance Officer's <br /> signatures. <br /> If the foregoing procedures are in accordance with your understanding, <br /> please sign and return to us the duplicate copy of-this letter. <br /> EIENUMESEIssimeavr---- <br />