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i 1 1 le , X05 -, 0 05 n 1 ,` �0 j 17 /,96 <br /> LGCm205 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 /> (GAGAS ) . 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 />