Agenda - 06-06-2000-8i - Laserfiche WebLink

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The Board of County Commissioners May 24, 200 Fage 4 Management's Responsibility The general purpose financial statements are the responsibility of Orange Coutrty management. In this regard, management has the responsibility for, among other things, establishing and maintaining effective internal control over financial reporting, for properly recording transactions in the accounting records, for adjusting the general purpose financial statements to correct material misstatements, for making appropriate accounting estimates, for safeguarding assets, for ensuring the overall accurary of the general purpose financial statements and their conformity with accounting principles generally accepted in the United States of America, and far making all financial records and related information available to us. Management is also responsible for compliance with laws, regulations, co~racts, and grants, and for establishing and maintaining effective internal cairtrol to ensure such compliance with those requirements applicable to its activities. We will advise you about accounting principles and their application and will assist in the preparation of your general purpose financial statement, but the responsibility for the general purpose financial statements remains with you. We will make specific inquiries of Orange County management about the representations embodied in the general purpose financial statement. As part of our audit procedures, we will request that management provide us with a representation letter aclmowledging management's responsibility for the preparation of the general purpose financial statements and for compliance with laws and regulations applicable to federal award programs; and affirming managemem's belief that the effects of any uncorrected financial statement misstatements aggregated by us during the curreYrt audit engagement and pertaining to the latest period presenated are immaterial, both individually and is the aggregate, to the general purpose financial statements taken as a whole. We will also request that management confirm certain representations made to us during our audit. The responses to those inquiries and related written representations of managemenrt required by auditing standards generally accepted in the United States of America are part of the evidential matter that we will rely on as auditors in forming our opinion on the County's general purpose financial statements. Because of the importance of management's representations, the County agrees to release and indemnify Deloitte & Touche LLF and its personnel from all claims, liabilities, and expenses relating to our services under this engagement~letter attributable to any misrepresentation by management. If the County intends to publish ar otherwise reproduce in any document our report on the County's general purpose financial statennenRs, or otherwise make reference to Deloitte & Touche LLF in a document that contains other i~ormatian in addition to the audited general purpose financial statement (e.g., in a periodic filing with a regula#or, in a debt or equity offering circular or in a private placement memorandum), the County agrees that prior to malting any such use of our report, or reference to Deloitte & Touche LLF, Orange County management will provide us with a draft of the document to read and ob~in our approval for the inclusion or incorporation by reference of our report, ar the reference to Deloitte 8t Touche LLF, in such document before the document is printed and distributed. The itichision or incorporation by reference of our report in any such document would constitute the reissuance of our report, The County also agrees that Orange County management will notify us and obtain our approval prior to including our report on an electronic site.