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on our discussions, the final field work would probably begin around August <br /> 15, 1982. Orange County personnel also would be expected to prepare, with our <br /> assistance, the County's financial statements and supplementary data. <br /> • Consideration would be given to the compilation of supplemental operating <br /> data, tables and statistics which would provide the Commissioners, management, <br /> and operating personnel with more useful financial information. Thomas, <br /> Knight, Trent, King and Company would work closely with the County Manager to <br /> determine the financial information to he included and the data base available <br /> for its compilation. <br /> Although our primary objective would be to perform the audit and attest <br /> functions, we would also consider it to be our responsibility to emphasize <br /> more timely and meaningful financial reporting, including a more expeditious <br /> preparation of the County's annual financial statements. <br /> Additionally, we would provide guidance in developing information so that <br /> the County, if it desires, can prepare its financial statements in a manner to <br /> submit for consideration for the award of Certificate of Conformance in <br /> Financial Reporting by the Municipal Finance Officers Association of the <br /> United States and Canada. <br /> Fees for our services are based on the standard rates of professional <br /> personnel assigned to the engagement. We estimate that our total fee for the <br /> examination of the combined financial statements, supplementary data and <br /> consolidated tax levy and the compliance examination of the Revenue Sharing <br /> entitlement for the year ending June 30, 1982 would not exceed $22,500.00. <br /> Every effort would be made to keep our time to a minimum consistent with the <br /> • <br /> requirements of the engagement. Should our maximum fee estimate exceed the <br /> actual fee, we would bill the lesser amount. <br /> Our current standard hourly rates are as follows: <br /> Principals $40.00 <br /> Managers 32.50 <br /> Senior staff 27.50 <br /> Semi-senior staff 25.00 <br /> Junior staff 22.50 <br /> Clerical 15.00 <br /> Our firm has many years experience in auditing governmental units which <br /> have been awarded the Certificate of Conformance in Financial Reporting. <br /> Individuals who would be in charge of the Orange County engagement would have <br /> governmental accounting and auditing experience and would seek to work with, <br /> County personnel in resolving any problems arising in the financial planning, <br /> recordkeeping, and reporting process. <br /> Thomas, Knight, Trent, King and Company recognizes that its most <br /> important product is prompt and effective service of the highest quality. All <br /> the firm's efforts would be directed toward achieving that goal. <br /> This proposal as it relates to assistance and cooperation to be <br /> provided to Thomas, Knight, Trent, King and Company as well as the provisions <br /> relating to our examinations of the consolidated property tax levy and Revenue <br /> Sharing entitlement would be made a part of the Contract to Audit Accounts to <br /> he submitted at your request. <br /> We assure you that if Thomas, Knight, Ttent, King and Company should be <br /> selected as the independent auditors for Orange County, you would receive our <br /> close personal attention. We would value highly our association with you. <br /> Very truly yours, <br /> THOMAS, KNIGHT, Tc .N , KING AND COMPANY <br /> A. B. King, . p, <br /> ABK/dc <br />