Orange County NC Website
Browse       Search
OM GE CGI.NTY <br /> BOARD OF COYMISSIONE2S Action Agenda)) <br /> Item No."-b - la <br /> • ACTION AGETON ITEM ABS'4'I2G'LG'l` <br /> MEEMLNG DATE Janua 18 1,983 <br /> Subject: AUDIT CONTRACT--1982-83 <br /> Department: Finance <br /> "----1 Lpub]ic Hearing: yes xX no <br /> Attachment(s): <br /> Information Contact: Wallace Harding <br /> AUDIT CONTRACT Pine Number: 732...8181 <br /> •PU SE: To contract with the accounting firm of Touche, Ross & Co. for the second <br /> year per our request for proposal, <br /> NEED: General annually 159-34 to <br /> have <br /> audited annually by p <br /> an organization-wide single audit of all federal grants, <br /> Benefits to the County of a single audit are as follows: <br /> 1) The organization-wide audit of grants will provide substantial benefits <br /> in the form of efficiencies and economies in comparison to the grant- <br /> by-grant approach. The principal benefit is that no further federal <br /> audit requirements will be imposed. <br /> 2) The audit of all federal and state programs at a common date should <br /> minimize the interruption of normal operations. <br /> 3) The time required of Finance and other department personnel assigned <br /> to work with auditors generally will be reduced. <br /> 4) The cost of conducting an organization--wide audit can be charged against <br /> the grants. <br /> FACT: The financial audit contract is for the agreed upon second year price of <br /> $22,100. The Federal Government requires that a single audit be done for <br /> all grant funds, therefore, this audit has been included at a cost of <br /> $9,200. The $9,200 expenditure will be charged to the grants that are <br /> being audited and will result in complete recovery for the County. <br /> RECOMMENDATION: Approve attached contract. <br />