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3 <br /> 0 Touche Ross <br /> The Board of County Commissioners <br /> Orange County, North Carolina <br /> Page Two <br /> June 5, 1989 <br /> However, because of the characteristics of irregularities, particularly <br /> those involving forgery and collusion, a properly designed and executed <br /> audit may not detect such items. Therefore, an audit conducted in <br /> accordance with generally accepted auditing standards is designed to obtain <br /> reasonable, rather than absolute assurance about the financial statements. <br /> An audit includes examining, on a test basis, evidence supporting the <br /> amounts and disclosures in the financial statements. An audit also <br /> includes assessing the accounting principles used and significant estimates <br /> made by management, as well as evaluating the overall financial statement <br /> presentation. <br /> The objective of our audit is the expression of an opinion on the County's <br /> financial statements. Our ability to express that opinion, and the wording <br /> of our opinion, will, of course, be dependent on the facts and circumstances <br /> at the date of our report. If our auditor's report requires modification, <br /> the reasons therefor will be discussed with you prior to its issuance. <br /> As a result of the issuance of Statement on Auditing Standards No. 58, <br /> Reports on Audited Financial Statements, by the American Institute of <br /> Certified Public Accountants, the format of our auditor's report has <br /> changed and is presently expected to read as follows: <br /> Independent Auditor's Report <br /> We have audited the general purpose financial statements of Orange <br /> County, North Carolina as of and for the year ended June 30, 1989, as <br /> listed in the table of contents. These financial statements are the <br /> • <br /> responsibility of the County's management. Our responsibility is to <br /> express an opinion on these financial statements based on our audit. <br /> We conducted our audit in accordance with generally accepted auditing <br /> standards. Those standards require that we plan and perform the audit <br /> to obtain reasonable assurance about whether the financial statements <br /> are free of material misstatement. An audit includes examining, on a <br /> test basis, evidence supporting the amounts and disclosures in the <br /> financial statements. An audit also includes assessing the accounting <br /> principles used and significant estimates made by management, as well <br /> as evaluating the overall financial statement presentation. We <br /> believe that our audit provides a reasonable basis for our opinion. <br /> In our opinion, the financial statements referred to above present <br /> fairly, in all material respects, the financial position of Orange <br /> County, North Carolina as of June 30, 1989, and the results of its <br /> operations and the cash flows of its proprietary fund type and similar <br /> trust fund for the year then ended in conformity with generally <br /> accepted accounting principles. <br /> • <br />