2008-025 Finance & McGladrey & Pullen 2008 Audit Contract

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• Orange County, North Carolina March 24, 2008 Page 5 Any claim arising out of services rendered pursuant to this agreement shall be resolved in accordance with the laws of the State of North Carolina. ft is agreed by the County and McGladrey & Pullen, LLP or any successors in interest that no claim arising out of services rendered pursuant to this agreement by or on behaff of the County shall be asserted more than two years afterthe date of the last audit report issued by McGladrey & Pullen, LLP. You have informed us that you intend to prepare a comprehensive annual finanaal report (°CAFR') and submit it for evaluation by the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting. Our partiapat~n in the preparation of the CAFR is to consist of having the financial statement report reviewed by a person who is also a reviewer for the GFOA Certificate Program and have him involved in the resolution of any accounting or reporting questions that arise during the engagement. We will assist in drafting the County's financial statements and preparation of schedules of property tax receivables for the Towns of Chapel Hifl, Carrboro and Hillsborough, aq of which are reviewed and approved by management. The draft and schedules are the responsibility of management. The two overarching principles of the independence standards of the Government Auditing Standards issued by the Comptrol~r General of the United States provide that management is responsible for the substantive outcomes of the work, and therefore, has a responsibility and is able to make any informed judgment on the results of the services described above. Acconiingly, the County agrees th the folbwing: . Mr. Gary Humphreys, Financial Services Director, will be accountable and responsible for overseeing the draft of the Count>rs financial statements and preparation of st~iedriles of property tax receivables for the Towns of Chapel Hill, Carrboro and Hi}lsborough. The County will establish and monitor the performance of the draft of the Counts financial statements and preparation of schedules of property tax receivables for the Towns of Chapel Hiq, Carrboro and Hillsborough to ensure that they meet management's objectives. The County will make any decisions that involve management functions related to the draft of the County's financial statements and preparation of schedules of property tax receivables for the Towns of Chapel Hill, Carrboro and Hillsborough and will accept full respansibil'~ty for such decisions. The County will evaluate the adequacy of services performed and any findings that result This letter constitutes the complete and exclusive statement of agreement between McGladrey~& Pullen, LLP and Orange County, North Carolina, superseding all proposals ors} or written and all other communication, with respect to the terms of the engagement between the parses. In accordance with Government Auditing Standards, a copy of our most recent peer review report and applicable letter of comment is enclosed for your ir>fomiation. •