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2 <br /> LGC-205 CONTRACT TO AUDIT ACCOUNTS Rev. 12/2024 <br /> The Governing Board <br /> Board of County Commissioners <br /> Of Primary Government Unit <br /> Orange County,North Carolina <br /> and Discretely Presented Component Unit(DPCU)(if applicable) <br /> n/a <br /> Primary Government Unit, together with DPCU(if applicable), hereinafter referred to as Governmental Unit(s) <br /> and Auditor Name <br /> Mauldin & Jenkins, LLC <br /> Auditor Address <br /> 4208 Six Forks Road, Suite 1000, Raleigh NC, 27609 <br /> Hereinafter referred to as Auditor <br /> for Fiscal Year Ending Date Audit Will Be Submitted to LGC <br /> 06/30/25 12/31/25 <br /> Must be within six months of FYE <br /> hereby agree as follows: <br /> I. 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 <br /> besubjected to the auditing procedures applied in the audit of the basic financial statements and an opinion <br /> shall!be rendered in relation to (as applicable) the governmental activities, the business- type activities, the <br /> aggregate!DPCUs, each major governmental and enterprise fund, and the aggregate remaining fund information <br /> (non-major government and enterprise funds, the internal service fund type, and the fiduciary fund types). The <br /> basic!financial statements shall include budgetary comparison information in a budgetary comparison <br /> statement,!rather than as RSI, for the General Fund and any annually budgeted Special Revenue funds. <br /> 2_ At a minimum, the Auditor shall conduct the audit and render the report in accordance with GAAS. 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 the audit in accordance with Government Auditing Standards <br /> (GALAS). The Governmental Unit is subject to federal single audit requirements in accordance with Title 2 US <br /> Code of Federal Regulations Part 200 Uniform Administration Requirements, Cost Principles, and Audit <br /> Requirements for Federal Awards, Subpart F (Uniform Guidance) and the State Single Audit Implementation <br /> Act. Currently the threshold is $750,000 for a federal single audit and $500,000 for a State Single Audit. This <br /> audit and all associated audit documentation may be subject to review by Federal and State agencies in <br /> accordance with Federal and State laws, including the staffs of the Office of State Auditor (OSA) and the Local <br /> Government Commission (LGC). If the audit requires a federal single audit in accordance with the Uniform <br /> Guidance (§200.501) the Auditor and Governmental Unit(s) should discuss, in advance of the execution of this <br /> contract, the responsibility for submission of the audit and the accompanying data collection form to the Federal <br /> Audit Clearinghouse as required under the Uniform Guidance (§200.512) to ensure proper submission. <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. Please refer to "Discussion of Single Audits in North <br /> Carolina" on the LGC's website for more information. <br /> Page 1 <br />