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I ORANGE COUNTY <br />BOARD OF COMMISSIONERS 1 <br />I y <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 19, 1992 <br />SUBJECT: 1991 -92 Audit - Contract <br />DEPARTMENT: Finance <br />ATTACHMENT(S): <br />Action Agenda <br />Item No._Z1r_-8 <br />PUBLIC HEIRING YES: NO: k <br />INFORMATION CONTACT: Ken Chavious <br />Ext 2453 <br />Contract TELEPHONE NUMBER - <br />Engagement Letter Hillsborough - 732 -8181 <br />Chapel Hill - 968 - -4501 <br />Mebane - 227 -2031 <br />Durham - 688 -7331 <br />PURPOSE: To consider awarding a contract to develop the audit for the <br />fiscal year ending June 30, 1992. <br />BACKGROUND: Local governments are required by G.S. 159 -34 to have an <br />annual audit of their financial records by an independent <br />auditor. The audit for 1991 was performed by Deloitte and <br />Touche, an international accounting firm with an excellent <br />reputation in the field of Governmental Accounting and <br />Auditing. <br />Deloitte & Touche has proposed a contract to perform the 1992 <br />audit for a fee of 547,000. This fee reflects no increase <br />over the previous year. The containment of the audit costs is <br />a result of the Finance Department's efforts in the areas of <br />statement and schedule preparation, many of which had <br />previously been done by the auditors. The audit costs consist: <br />of $30,500 for the Comprehensive Annual Financial Report and <br />Certification of tax levy and $16,500 for the Single Audit of <br />Grant funds. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the contract <br />with Deloitte and Touche for the 1992 audit and authorize <br />the Chairman to sign. <br />