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8 <br /> AULDIN N4921&k1-1' <br /> & ENKINS <br /> ORANGE COUNTY <br /> Results of 2016 Audit (continued) NORTH CAROLINA <br /> • Significant Accounting Policies <br /> — The significant accounting policies used by the County are described in Note 1 to the basic financial statements. <br /> — The policies used by the County are in accordance with generally accepted accounting principles and similar government <br /> organizations. <br /> — In considering the qualitative aspects of its policies, the County is not involved in any controversial or emerging issues for <br /> which guidance is not available. <br /> • Management Judgment/Accounting Estimates <br /> — The County uses various estimates as part of its financial reporting process— including valuation of accounts receivable, <br /> depreciation of capital assets, self-insurance claim liabilities, and pension and OPEB assumptions. <br /> — Management's estimates used in preparation of financial statements were deemed reasonable in relation to the financial <br /> statements taken as a whole. We considered this information and the qualitative aspects of management's calculations in <br /> evaluating the County's significant accounting estimates. <br /> err ;=m ►o _ \ �, + <br /> 4 <br />