2008-025 Finance & McGladrey & Pullen 2008 Audit Contract

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• Orange County, Nath Carolina March 24, 2l?08 Page 3 Orange County, North Carolina's Responsibillges Management is responsible for the financial statements, incuding adjusting the financial statements to correct material m'tisstatements, and for making all financial records and related iMonnation available to us. Management is responsible for providing us with a written management representation letter confirming certain representations made during the course of our audit of the financial statements and affirming bo us that it believes the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole and tD the opinion units of the financial statements. Management is responsible for establishing and maintaining effective internal controt over financial reporting and for informing us of all signficant deficiencies and material weaknesses in the design or operation of such controls of which it has knowledge. Management is n~ponsible for identifying and ensuring that the entity oompGes with the laws and regulations applicable to ills activities, and for irrforrming us about all known material violations of such laws or regulations. In addition, management is responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the entity involving management employees who have significant rotes in internal control and others where the fraud could have a material effect on the financial statements. Management is also responsible for informing us of its knowledge of any allegations of • fraud or suspected fraud affecting the entity received in communications from employees, forrner employees, analysts, regulators, or others. Management is also responsible for (a) making us aware of signdcant vendor relationships where the vender is responsible for program compliance, (b) following up and taking corrective action on audit findings, including the preparation of a summary schedule of prior audit findings, and a rorrective action plan, and (c) report distribution including submitting the reporting packages. The Board of County Commissioners are responsible for informing us of its views about the risks of fraud within the entity, and its knowledge of any fraud or suspected fraud affecting the entity. The County agrees that our report on the financial statements will not to be included in an official stafement or other document involved with the sale of debt instruments without our prior consent. Additional{y, if the County intends to publ'~h or otherwise reproduce the financial statements and/or make reference to us or our audit, you agree to provide us with printers proofs or a master for our review and consent More reproduction and/or release occurs. You also agree fio provide us with a Dopy of the final reproduced material for our consent before it is distributed or released. Our fees for any additional services that maybe required under our quality assurance system as a result of the above wiA be established with you at the time such services are determined to be necessary. In the event our auditorlcient relationship has been'terminated when the Organization seeks such consent, we will be under no obligation to grant such consent or approval. Our professional standards require that we perform certain additional procedures, on current and previous years' engagemerrts, whenever a partner or professional employee leaves the firm and is subsequently empbyed by or associated with a client. Accordingly, the County agrees it will compensate McGladrey & Pullen, LLP for any additional costs incurred as a result of the employmerd of a partner or professional employee of 1Vk~ladrey'~`Pullen, LLP. •