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208 South Cameron Street <br />Post Office Box 8181 <br />Hillsborough, NC 27278 <br />TO <br />WWI <br />Orange County <br />.������ ~*K��nn"� <br />Finance Department <br />Orange County Commissioners <br />Laura Blackmon, County Manager <br />Ken Ch8ViouG' Finance Director <br />March 22, 2007 <br />SUBJECT: Fiscal Issues <br />^r`^'=c°,"=° , <br />Tel: 919 245-2450 <br />Fax: 919 644-3324 <br />During rDV presentation Of the Annual Audit Report last December, I mentioned two items <br />that I felt the County should look tD address iO the near future. These items included <br />consideration Of@Dinternal audit function and potential financial impacts Ofthe <br />GOVenlnOeOt8l ACCOUOtiOg Standards Board /G/\SB\ Statement 45 related tO other post <br />employee, benefits /[)PEB\. This correspondence provides 8O update OO these issues. <br />Internal Audit Function <br />At. present, the County does not have 8O internal audit function. The County ` now at@size <br />and COrODl8XK« that VV@rr8DtG COOGideGtiOO of such @ function. Internal auditing i8 an <br />independent appraisal activity within the organization for the review of accounting, financial <br />and other operations. The 0VHn8ll objective is to C@[FV out 8 DrDg[@0O tO test the County's <br />financial and operational activities and transactions to provide management with information <br />about the effectiveness (and efficiency) of established accounting and operational policies, <br />DnOC8dUF8G, and COOtnDl8, and the extent to which they are being followed. In the cOU[sH Of <br />gathering such information, the reliability Ofaccounting and other data g8O8[@f8d within the <br />[|OUOfV may be evaluated. /\OOth8[ objective is the D[8VGOtiOO and detection of fraud <br />through the performance Of audit test and procedures. <br />