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ORANGE COUNTY <br /> HILLSBOROUGH <br /> NORTH CAROLINA <br /> ifictizayer4T, state%ed/762 <br /> November 11, 1993 <br /> Board of Commissioners <br /> Orange County <br /> Hillsborough, N.C. <br /> We have reviewed the accompanying management letter from <br /> Deloitte & Touche and were pleased to receive a letter which <br /> reveals no material weaknesses in the County' s financial <br /> affairs. We view this management letter as a positive one <br /> which identifies only one area that should be strengthened. <br /> Fixed Assets <br /> Physical inventories of fixed ,assets are currently <br /> being performed by. staff .within;•:Reach department. <br /> Computerized inventory listings are provided to each <br /> department by the Purchasing and Central Services Department <br /> for inventory verification annually. The audit finding <br /> results from the lack of external monitoring of the <br /> departmental'verifications. <br /> In order to correct this problem we will establish a <br /> monitoring team to verify `inventories presently taken by <br /> departments. Departmental inventories may be monitored <br /> annually, but each departmental inventory will be verified by <br /> the monitoring team at least bi-annually. <br /> New Pronouncements and Requirements <br /> We propose that the GASB pronouncements and requirements <br /> be discussed in detail during a work session or some other <br /> similar setting. We will invite our audit firm in to discuss <br /> financial reporting impacts, implementation chronology and <br /> other related issues during this session. <br /> AREA CODE (919) 732-8181 • 968-4501 • 688-7331 • 227-2031 • FAX (919) 644-3004 <br /> Ext. 2300 <br />