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2 <br />March 31, 2003 <br />Mr. Kenneth T. Chavious, Finance Director <br />Orange County <br />208 S. Cameron St. <br />Post Office Box 8181 <br />Hillsborough, North Carolina 27278 <br />Dear Mr. Chavious: <br />This letter of arrangement between the Orange County (the "County") and Cheny, Bekaert & Holland, L.L.P. sets <br />forth the nature and scope of the services we will provide, the County's required involvement and assistance in <br />support of our services, the related fee arrangements and other terms and conditions designed to assure that our <br />professional services are performed to achieve the mutually agreed upon objecti~aes of the County. <br />SUMMARY OF SERVICES <br />A. Financial Audits <br />We will audit the basic financial statements of the County as of and for the year ending June 30, 2003, in accordance <br />with auditing standards generally accepted in the United States of America; 1:he standards for fmancial audits <br />contained in Government Auditing Standards, issued by the Comptroller General of the United States; the Single <br />Audit Act Amendments of 1996; the provisions of OMB Circular A-133, "Audits of States, Local Governments and <br />Non-Profit Organizations"; and the State Single Audit Implementation Act. Our audit will include tests of accounting <br />records, a determination of major programs in accordance with Circular A-133 and the State Single Audit <br />Implementation Act, and other procedures as deemed necessary to enable us to express such an opinion and to render <br />the required reports. The objective of an audit is the expression of our opinion concerning whether the basic financial <br />statements present fairly, in all material respects, the financial position, results of'operations, and cash flows of the <br />County in conformity with accounting principles generally accepted in the United States of America. <br />In connection with our audit, we will report on the fairness of presentation of t:he schedules of federal and state <br />financial assistance in relation to the basic financial statements taken as a whole. We also will perform tests of <br />compliance as required by Government Auditing Standards, the provisions of O1vIB Circular A-133, and the State <br />Single Audit Implementation Act, and issue our reports thereon. <br />If any of our opinions resulting from the procedures described above are other than unqualified, we will fully discuss <br />the reasons with you in advance. <br />