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6 <br /> 1 o Adam Fraley, Quality Review Partner <br /> 2 <br /> 3 Results of 2016 Audit <br /> 4 • Our Responsibility Under Auditing Standards Generally Accepted in the United States of <br /> 5 America (GAAS) and Government Auditing Standards (GAS) <br /> 6 o They considered the internal control structure for the purpose of expressing our <br /> 7 opinion on the County's basic financial statements and not providing assurance <br /> 8 on the internal control structure. <br /> 9 o Our audit was performed in accordance with GAAS and GAS. <br /> 10 o Our objective is to provide reasonable—not absolute—assurance that the basic <br /> 11 financial statements are free of material misstatement. <br /> 12 o We did not audit the financial statements of the Orange County ABC Board. We <br /> 13 reviewed and relied on the report of other auditors for amounts included in the <br /> 14 County's statements related to the ABC Board. <br /> 15 o The basic financial statements are the responsibility of the County's <br /> 16 management. <br /> 17 <br /> 18 • Report on 2016 Basic Financial Statements <br /> 19 o Unmodified ("clean") opinion on basic financial statements. <br /> 20 o Presented fairly in accordance with accounting principles generally accepted in <br /> 21 the United States of America. <br /> 22 o Our responsibility does not extend beyond financial information contained in our <br /> 23 report. <br /> 24 <br /> 25 • Report on 2016 Single Audit <br /> 26 o Unmodified ("clean") opinion on compliance for 2 major federal programs tested <br /> 27 in accordance with Title 2 U.S. CFR Section 200 and 1 major state program (in <br /> 28 conjunction with 1 of the major federal programs) tested in accordance with the <br /> 29 State Single Audit Implementation Act. <br /> 30 <br /> 31 Commissioner Rich asked if there is a reason that the ABC Board is not audited. <br /> 32 Joel Black said the ABC Board hires its own auditors, and he is not sure for the reason <br /> 33 behind this. He said he received the numbers from the ABC Board's auditors, and relies on <br /> 34 these numbers in their report. <br /> 35 Commissioner Rich asked if the ABC Board auditor or the County is responsible for the <br /> 36 ABC Board numbers. <br /> 37 Joel Black said ultimately the ABC Board is responsible for its numbers, but because the <br /> 38 numbers are a component of the County audit, the County is also somewhat responsible. <br /> 39 John Roberts said the County does not audit the ABC Board because it is a state <br /> 40 agency and is not part of county government. <br /> 41 <br /> 42 • Significant Accounting Policies <br /> 43 o The significant accounting policies used by the County are described in Note 1 to <br /> 44 the basic financial statements. <br /> 45 o The policies used by the County are in accordance with generally accepted <br /> 46 accounting principles and similar government organizations. <br /> 47 o In considering the qualitative aspects of its policies, the County is not involved in <br /> 48 any controversial or emerging issues for which guidance is not available. <br /> 49 <br /> 50 • Management Judgment/Accounting Estimates <br />