Agenda - 02-16-1982 - Laserfiche WebLink

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Thomas, Knight,Trent, King and Company BRANCH OFFICE CERTIFIED PUBLIC ACCOUNTANTS Roxboro Building 201 Roney St PO Box 1889,Durham,N C 27702 919/688.4391 Roxboro.N C.27573 9197599.3158 Chapel Hill,N.C. Call Direct 91375284144 February 4, 1982 Mr. Kenneth Thompson, County Manager Orange County, North Carolina Hillsborough, North Carolina Dear Mr. Thompson: We appreciate the opportunity you have afforded us to submit our proposal for the examination of the financial statements of Orange County, North Carolina as of June 30, 1982. Our basic objective would be to examine the County's combined financial statements and supplementary data as of June 30, 1982 and for the year then ended. We would also examine the consolidated property tax levy and collection system, as it relates to the municipalities of Carrboro, Chapel Rill and Hillsborough, and perform a compliance audit of the Revenue Sharing entitlement for the year ending June 30, 1982. Our examination of the combined financial statements and the consolidated property tax levy would be made in accordance with generally accepted auditing standards and, accordingly, would include such tests of the accounting records and such other auditing procedures as we considered to be necessary in the circumstances in order to express an opinion on the financial statements. These tests and procedures would include, but are not limited to, confirmation of balances with third parties; statistical samples to determine compliance with established procedures; and analytical reviews. We would issue a separate report on the consolidated tax levy in accordance with the provisions of Statement of Auditing Standards No. 14 "Special Reports". Our examination of the Revenue Sharing entitlement would be conducted in accordance with the "Audit Guide and Standards for Revenue Sharing and Antireceesion Fiscal Assistance Recipients" as issued by the Office of Revenue Sharing, U.S. • Department of the Treasury. We anticipate that interim audit work would begin during April at which time we would finalize the format of working papers to be prepared by Orange County personnel for use in our audit. During the last week of June or the first week of July, if necessary, we would assist in closing the books for the year ending June 30, 1982. As soon as the general books have been adjusted and closed and the working papers completed, we would commence our final audit procedures. We expect that our audit report and the related financial statements could be finalized within six weeks of beginning final procedures if Orange County has complied with the provisions relating to assistance to be provided to us and if we receive the anticipated cooperation of the prior auditors should prior year information be required from their files. Based