Agenda - 06-28-1989 - Laserfiche WebLink

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4 S..Touche Ross The Board of County Commissioners Orange County, North Carolina Page Three June 5, 1989 Management's Responsibility We direct your attention to the fact that the financial statements are the responsibility of management. In this regard, management has the responsibility for properly recording transactions in the accounting records, for making appropriate accounting estimates, for safeguarding assets, and for the overall accuracy of the financial statements. Other Communications Arising from the Audit In connection with the planning and the performance of our audit generally accepted auditing standards require that we communicate certain matters to the Board of County Commissioners. We will communicate to the Board of County Commissioners, to the extent that they come to our attention, irregularities and illegal acts that are clearly not inconsequential, and _reportable conditions. Reportable conditions are significant deficiences in the design or operation of the internal control system that could adversely affect the County's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. We may also have other comments for management on matters we have observed and possible ways to improve the efficiency of your operations or other recommendations concerning the internal control structure. With respect to these other communications it is our practice to discuss all comments, if appropriate, with the level of management responsible for the matters prior to their communication to senior management and/or the Board of County Commissioners. Assistance to be supplied by your personnel, including preparation of schedules and analyses of accounts, will be discussed with the appropriate personnel. Timely completion of this work will facilitate the conclusion of our audit. • In addition, as part of our audit engagement, we will perform the following: a) an examination of the schedules of property taxes receivable and the related schedule of 1988 tax levy and collections for the year then ended, and b) a single audit in accordance with The Single Audit Act of 1984. • Our fees are based on the amount of time required at various levels of • responsibility, plus actual out-of-pocket expenses, payable upon presentation of our invoices. We estimate that our fees for the audit engagement will be $39,500, including expenses. We will notify you immediately of any circumstances we encounter which could significantly affect our estimate.