Orange County NC Website
Cherry, lielc~e;r>t ~ llollo,~d, L.L.P. <br />The Firm of Choice. www.cbh.com <br />2626 Glenwood Avenue -Suite 300 <br />Raleigh, North Carolina 27606 <br />phone 919762.1040 <br />fax 919 783 0976 <br />April 8, 2005 <br />Mr. Kenneth T Chavious, Finance Director <br />Orange County <br />208 South Cameron Street <br />Hillsborough, North Carolina 27278 <br />Dear Ken: <br />This letter of arrangement between Orange County, North Carolina "the entity' and Cherry, Bekaert & <br />Holland, L.L.P. sets forth the nature and scope of the services we will provide, the entity's required <br />involvement and assistance in support of our services, the related fee arrangements and other terms and <br />conditions designed to assure that our professional services are performed to achieve the mutually agreed <br />upon objectives of the entity. <br />SUMMARY OF SERVICES <br />We will audit the financial statements of the governmental activities, the business-type activities, each <br />major fund and the aggregate remaining fund information, which collectively comprise the basic financial <br />statements of the entity as of and for the year ended .tune 30, 2005.. <br />We will also audit the schedules of property taxes receivable for the Town's of Hillsborough, Chapel Hill, <br />and Carrboro as of June 30, 2005, and the related schedules of 2004 tax levy and collections for the years <br />then ended. <br />Our audits will be conducted in accordance with auditing standards generally accepted in the United States <br />of America; GovernmentAuditing Standards, issued by the Comptroller General of the United States; the <br />Single Audit Act Amendments of 1996; the provisions of OMB Circular A-133; and the State Single Audit <br />Implementation Act, and will include test of accounting records, a determination of major programs in <br />accordance with Circular A-133, the State Single Audit Implementation Act, and other procedures as <br />deemed necessary to enable us to express such an opinion and to render the required reports.. The <br />objective of an audit is the expression of our opinion concerning whether the basic financial statements are <br />fairly presented, in all material respects, in conformitywith accounting principles generally accepted in the <br />United States of America. <br />In connection with our audit, we will report on the fairness of presentation of the schedules of federal and <br />state financial assistance in relation to the financial statements taken as a whole.. We will also perform <br />tests of compliance as required by GovernmentAuditing Standards, the provisions ofOMB CircralarA-133, <br />and the Audit Manual for Governmental Auditors in North Carolina, and issue our reports thereon. <br />If any of our opinions resulting from the procedures described above are other than unqualified, we will fully <br />discrass the reasons with you in advance. <br />The reports on internal control and compliance will each include a statement that the report is intended <br />solely for the information and use of the audit committee, management, speciic legislative or regulatory <br />bodies, federal and State awarding agencies, and if applicable, pass-through entities and is not intended to <br />be and should not be used by anyone other than these specified parties. <br />~AKER TI LLY <br />INTEIWATIONAL <br />