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AULDIN <br /> & ENKINS --- <br /> ORANGE COUNTY <br /> Results of 2020 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 /> T 'ti <br /> �_; 4 <br />