Orange County NC Website
I <br /> LGC -205 CONTRACT TO AUDIT ACCOUNTS Rev . 11 /2023 <br /> I <br /> The Governing Board <br /> Board of County Commissioners <br /> of Primary Government Unit <br /> Orange County <br /> and Discretely Presented Component Unit (DPCU ) (if applicable) <br /> Ln/a <br /> G <br /> Primary Government Unit, together with DPCU (if applicable), hereinafter referred to as Governmental Units) <br /> I" <br /> and Auditor Name <br /> Mauldin & Jenkins , LLC <br /> Auditor Address <br /> k <br /> 4208 Six Forks Road, Suite 1000, Raleigh, North Carolina 27609 cc <br /> Hereinafter referred to as Auditor <br /> 1. <br /> for Fiscal Year Ending Date Audit Will Be Submitted to LGC <br /> 06/3 0/24 10/31 /24 <br /> Must be within four months of FYE <br /> hereby agree as follows . r <br /> 1 . The Auditor shall audit all statements and disclosures required by U . S . generally accepted auditing <br /> standards ( GAAS ) and additional required legal statements and disclosures of all funds and /or divisions of the <br /> Governmental Unit(s ) . The non - major combining , and individual fund statements and schedules shall be <br /> subjected to the auditing procedures applied in the audit of the basic financial statements and an opinion shall <br /> be rendered in relation to (as applicable ) the governmental activities , the business- type activities , the aggregate r <br /> DPCUs , each major governmental and enterprise fund , and the aggregate remaining fund information ( non - <br /> major government and enterprise funds , the internal service fund type , and the fiduciary fund types ) . The basic <br /> financial statements shall include budgetary comparison information in a budgetary comparison statement , <br /> rather than as RSI , for the General Fund and any annually budgeted Special Revenue funds . I <br /> k <br /> 2 . At a minimum , the Auditor shall conduct the audit and render the report in accordance with GAAS . The <br /> Auditor shall perform the* audit in accordance with Government Auditing Standards (GAGAS) if the <br /> Governmental Unit expended $ 100 , 000 or more in combined Federal and State financial assistance during the <br /> reporting period . The auditor shall perform a Single Audit if required by Title 2 US Code of Federal Regulations <br /> Part 200 Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards, <br /> Subpart F ( Uniform Guidance ) or the State Single Audit Implementation Act . This audit and all associated audit i, <br /> documentation may be subject to review by Federal and State agencies in accordance with Federal and State <br /> laws , including the staffs of the Office of State Auditor ( OSA) and the Local Government Commission ( LGC ) . If <br /> the audit requires a federal single audit in accordance with the Uniform Guidance (§200 . 501 ) , it is <br /> recommended that the Auditor and Governmental Unit(s ) jointly agree , in advance of the execution of this <br /> contract , which party is responsible for submission of the audit and - the accompanying data collection form to <br /> the Federal Audit Clearinghouse as required under the Uniform Guidance (§200 . 512 ) . f <br /> i <br /> Effective for audits of fiscal years beginning on or after June 30 , 2023 , the LGC will allow auditors to consider <br /> whether a unit qualifies as a State low- risk auditee based upon federal criteria in the Uniform Guidance <br /> §200 . 520 (a ) , and ( b ) through (e ) as it applies to State awards . In addition to the federal criteria in the Uniform <br /> Guidance , audits must have been submitted timely to the LGC . If in the reporting year , or in either of the two <br /> previous years , the unit reported a Financial Performance Indicator of Concern that the audit was late , then <br /> Page 1 <br />