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9 <br /> AULDIN N4921&k1-1' <br /> & ENKINS <br /> ORANGE COUNTY <br /> Results of 2016 Audit (continued) NORTH CAROLINA <br /> • Financial Statement Disclosures <br /> — The footnote disclosures to the financial statements are also an integral part of the financial statements and the process used by <br /> management to accumulate the information included in the disclosures was the same process used in accumulating the statements. <br /> The overall neutrality, consistency, and clarity of the disclosures was considered as part our audit. <br /> • Relationship with Management <br /> — We received full cooperation from the County's management and staff. <br /> — There were no disagreements with management on accounting issues or financial reporting matters. <br /> • Audit Adjustments <br /> — There were several posted adjustments which were necessary during the audit process. Those entries have been provided to <br /> management and have all been recorded on the County's general ledger by management and they have agreed with all adjustments. <br /> There was one passed adjustment related to a loss on debt refundings which should have been deferred in prior years and amortized <br /> over time in the Governmental Activities. The entry was not posted due to the entry immaterial to the entire governmental activities <br /> opinion unit, this entry would have increased deferred outflows by $753,179, increased beginning of the year net position by <br /> $878,709 and increased amortization expense by$125,530. <br /> • Management Representation <br /> We requested, and received,written representations from management relating to the accuracy of information included in the <br /> financial statements and the completeness and accuracy of various information requested by us. <br /> 1 -! • r r <br /> 5 <br />