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//IA" R <br /> Deloitte & <br /> Touche <br /> Suite 1800,First Union Capitol Center Telephone:(919)546-8000 <br /> 150 Fayetteville Street Mall Telex:4995716 <br /> P.O.Box 2778 Facsimile:(919)833-3276 <br /> Raleigh,North Carolina 27602-2778 <br /> September 24, 1993 <br /> The Board of County Commissioners <br /> Orange County, North Carolina <br /> In planning and performing our audit of the general purpose financial statements of Orange <br /> County, North Carolina for the year ended June 30, 1993, we developed the following <br /> recommendations concerning certain matters related to its internal control structure and certain <br /> recommendations on other accounting adjustments and operating matters. Our comment and <br /> principal recommendations are summarized below. <br /> FIXED ASSETS <br /> The County does not perform periodic physical inventories of fixed assets. Federal grant <br /> requirements as well as proper internal control require the performance of fixed asset <br /> inventories at least once every two years. The County should perform such physical inventory <br /> on an annual basis. <br /> NEW PRONOUNCEMENTS AND REQUIREMENTS <br /> There are a number of pending accounting pronouncements and other regulatory actions which <br /> will be significantly impacting local governments over the next several years. A number of <br /> the pronouncements, while being effective in a future period, may require prior year <br /> restatements of financial information. Accounting Standards issued by the Government <br /> Accounting Standards Board (GASB) which may have significant impact include Statement <br /> No. 10. Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, <br /> Statement No. 11, Measurement Focus and Basis of Accounting-Governmental Fund <br /> Operating Statements and, Statement No. 12, Disclosure of Information on Postemployment <br /> Benefits Other Than Pension Benefits by State and Local Governmental Employers. In <br /> addition, Senate Bill 111 of the North Carolina Legislature has imposed a wide variety of new <br /> operational and financial requirements on local governments' solid waste systems. These <br /> requirements will necessitate new recordkeeping and cost measurement of solid waste <br /> DeloitteTouche <br /> Tohmatsu <br /> International <br />