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16 <br /> 81AULDIN N4921&k1-1' <br /> -1 ENKINS <br /> ORANGE COUNTY <br /> Comments, Recommendations, and Other Issues NORTH CAROLINA <br /> Material Weaknesses Reported <br /> 2016-001 Expenditure and Expense Recognition <br /> Generally, expenditures/expenses should be recognized as soon as a liability is incurred, regardless of the timing of <br /> the related cash flows in accordance with generally accepted accounting principles. Misstatements were detected in <br /> the reporting of the County's expenditures/expenses and the related balance sheet accounts. Audit adjustments <br /> totaling approximately $6,354,000 were needed to correct the County's expenditures/expenses and related balance <br /> sheet accounts. This included three adjustments to the prior financial statement amounts. <br /> 2016-002 Equity Reconciliation <br /> Internal controls should be in place to ensure that financial statements are properly presenting the financial position <br /> and results of operations of the County in accordance with generally accepted accounting principles. Internal controls <br /> were not sufficient to detect misstatements in the reporting of the opening net position balances of the County's Solid <br /> Waste Landfill Fund. An audit adjustment totaling approximately $760,000 was needed to correct the County's <br /> opening net position in the general ledger as of June 30, 2016. <br /> 12 <br />