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10 <br /> Slide#11 <br /> A/fTT� <br /> 1 Orange County,North Carolina <br /> Required Communications <br /> Significant Accounting Policies <br /> Management is responsible for the selection and use of appropriate accounting policies. <br /> The significant accounting policies used by the County are described in Note 1 to the basic financial statements. <br /> During the current year,the County was required to implement the provisions of GASB Statement No.100, <br /> Accounting Changes and Error Corrections;this new standard did not have an impact on the County. <br /> The policies used by the County are in accordance with generally accepted accounting principles. <br /> In consideringthe qualitative aspects of its policies,the County is not involved in any controversial or emerging <br /> issues for which guidance is not available. <br /> • Management judgment/Accounting Estimates <br /> Accounting estimates are an integral part of the financial statements prepared by managementand are based on <br /> management's knowledge and experience about past and current events and assumptions about future events. <br /> The County uses various estimates as part of its financial reporting process-including actuarial assumptions. <br /> Auditor's Discussion&Analysis(AD&A) <br /> June 30,2024 <br /> Slide#12 <br /> Orange County,North Carolina <br /> Required Communications(Continued) <br /> Relationship with Management <br /> We received full cooperation from the County's management and staff. <br /> There were no disagreements with management on accounting issues or financial reporting matters. <br /> Management Representation <br /> We requested,and received,written representations from management relating to the accuracy of information <br /> included in the financial statements and the completeness and accuracy of various information requested by us. <br /> • Consultation with Other Accountants <br /> To the best of our knowledge,management has not consulted with,or obtained opinions from,other independent <br /> accountants during the year,nor did we face any issues requiring outside consultation. <br /> • Significant Issues Discussed with Management <br /> There were no significant issues discussed with management related to business conditions,plans,or strategies <br /> that may have affected the risk of material misstatementof the financial statements. <br /> Auditor's Discussion&Analysis(AD&A) <br /> June 30,2024 <br />