Orange County NC Website
Browse       Search
13 <br /> 1 • 100 cities; <br /> 2 • 50 school systems; <br /> 3 • 40 state entities; and, <br /> 4 • 140 special purpose entities (stand along business type entities, libraries, <br /> 5 etc.) <br /> 6 Engagement team leaders for Orange County <br /> 7 o Joel Black, Engagement Partner <br /> 8 o James Bence, Audit Services Partner <br /> 9 o Tim Lyons, Quality Review Partner <br /> 10 <br /> 11 Results of 2018 Audit <br /> 12 Our Responsibility Under Auditing Standards Generally Accepted in the United <br /> 13 States of America (GAAS) and Government Auditing Standards(GAS) <br /> 14 <br /> 15 - We considered the internal control structure for the purpose of expressing <br /> 16 our opinion on the County's basic financial statements and not providing <br /> 17 assurance on the internal control structure. <br /> 18 - Our audit was performed in accordance with GAAS and GAS. <br /> 19 - Our objective is to provide reasonable—not absolute—assurance that the <br /> 20 basic financial statements are free of material misstatement. <br /> 21 - We did not audit the financial statements of the Orange County ABC <br /> 22 Board. We reviewed and relied on the report of other auditors for <br /> 23 amounts included in the County's statements related to the ABC Board. <br /> 24 - The basic financial statements are the responsibility of the County's <br /> 25 management. <br /> 26 <br /> 27 Report on 2018 Basic Financial Statements <br /> 28 <br /> 29 - Unmodified ("clean") opinion on basic financial statements. <br /> 30 - Presented fairly in accordance with accounting principles generally accepted in <br /> 31 the United States of America. <br /> 32 - Our responsibility does not extend beyond financial information contained in our <br /> 33 report. <br /> 34 <br /> 35 Significant Accounting Policies <br /> 36 - The significant accounting policies used by the County are described in Note 1 to <br /> 37 the basic financial statements. <br /> 38 - The policies used by the County are in accordance with generally accepted <br /> 39 accounting principles and similar government organizations. <br /> 40 - In considering the qualitative aspects of its policies, the County is not involved in <br /> 41 any controversial or emerging issues for which guidance is not available. <br /> 42 <br /> 43 Management Judgment/Accounting Estimates <br /> 44 - The County uses various estimates as past of its financial reporting process — <br /> 45 including valuation of accounts receivable, depreciation of capital assets, seld- <br /> 46 insurance claim liabilities, and pension and OPEB assumptions. <br /> 47 <br /> 48 Financial Statement Disclosures <br /> 49 <br />