Agenda - 02-16-1982 - Laserfiche WebLink

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Exhibit "A" CONTRACT TO AUDIT ACCOUNTS of Orange County, North Carolina Period from July 1, 1981 to June 30, 1982 Item 6. (Assistance to Auditors) The parties to this contract agree that, in order to comply with the report deadline specified in item 5 and to ensure the most efficient use of audit resources, certain conditions, specified below, must be adhered to 1. Orange County financial personnel shall, to the best of their ability, close the accounting records of the County in a timely manner subse- quent to June 30, 1982, according to a schedule to be agreed upon by the Audit Committee of the Board of County Commissioners, the County Finance Director and PMM&Co, Such process shall include making all necessary closing entries to properly state fund equity of the vari- ous funds and account groups of the County at June 30, 1982, with . special emphasis on the following areas where problems have been noted in prior years: o Property taxes (of Orange County, as well as the towns of Carrboro, Chapel Hill and Hillsborough) o Cash and investments o General fixed assets (including capitalized leases) o Accounts payable and encumbrances o Intergovernmental revenues - 2. Personnel of the Orange County Finance Department shall, as has been past practice, prepare such working papers as are necessary for the most effi- cient conduct of the audit. The working papers to be prepared as well as their form and content and the timing of their preparation shall be agreed upon by the County Finance Director and PMM&Co. 3. The Board of County Commissioners and the management of Orange County are ultimately responsible for the content of the financial statements to be issued upon completion of the audit. Accordingly, Orange County financial personnel shall, to the maximum extent practicable, prepare 411 ...mss, ci„ancial statements, with assistance from PMM&Co. Exhibit "A" (cont. 2 The conditions outlined above constitute what is generally considered "normal" assistance to be rendered to the auditor in the conduct of the examination, PMM&Co. fees for this examination, as detailed in Exhibit "C", are upon receiving "normal" assistance, and it is understood that the fees are sub- ject to adjustment if actual assistance is other than "normal", as defined predicated herein, More particularly, if actual assistance is less than anticipated (i.e., "normal") PMM&Co, will promptly notify the County Finance Director, County Manager and, if necessary the Audit Committee of the Board of County Commis-. sioners so that appropriate action may be taken.