Agenda - 05-16-2006-5i - Laserfiche WebLink

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Cherry, ~ek~erl; & ~d®lflaa~d, L.~,.P The Firm of Choice. April 3, 2006 Mr. Kenneth T. Chavious, Finance Director Orange County 208 South Cameron Street Hillsborough, North Carolina 27278 Dear Ken: 3 www.ebh.cem 2650 Village Drive-Suite 207 Fayettevlile. North Carolina 28304 phone 970 463.7731 faz 910 323.0672 This letter of arrangement between Orange County, North Carolina (the "County") and Cherry, Bekaert & Holland, L,L.P. sets forth the nature and scope of the services we will provide, the County's required involvement and assistance in support of our services, the related fee arrangements and other terms and conditions designed to assure that our professional services are performed to achieve the mutually agreed upon objectives of the County SUMMARY OF SERVICES We will audit the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information, which collectively comprise the basic financial statements of the County as of and for the year ended June 30, 2006. We will also audit the schedules of property taxes receivable for the Towns of Hillsborough, Chapel Hill, and Garrboro as of June 30, 2006, and the related schedules of 2005 tax levy and collections for the years then ended. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America; GovemmentAuditing Standards, issued bythe Comptroller General of the United States; the Single Audit Act Amendments of 1996; the provisions of OMB Circular A-133; and the State Single Audit Implementation Act, and will include tests of accounting records, a determination of major programs in accordance with Circular A-133, the State Single Audit Implementation Act, and other procedures as deemed necessary to enable us to express such an opinion and to render the required reports.. The objective of an audit is the expression of our opinion concerning whether the basic financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. In connection with our audit, we will report on the fairness of presentation of the schedules of federal and State financial assistance in relation to the financial statements taken as a whole. We will also perform tests of compliance as required by GovemmentAuditing Standards, the provisions of OMB Circular A-133, the Audit Manual for Local Governmental Units and Recipients of Grant Funds, and the Audit Manual for Governmental Auditors in North Carolina, and issue our reports thereon,. If any of our opinions resulting from the procedures described above are other than unqualified, we will fully discuss the reasons with you in advance. ~AKER~TILLY INTERNATIONAL