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s � � <br />CHANGE IN REQUIREMENTS FOR ANNUAL AUDIT <br />Finance Director Ed Fry came before the Board and reviewed <br />his memo and recommendation, referring to Options A and B set out <br />in letter from Arthur Young dated September 12th, as follows: <br />TO: The Hon. Board of County ®ATE: September 17, 1986 FILE: <br />Commissioners <br />SUBJECT: Change in requirements for <br />Annual Audit <br />FROM: Edwin M. Fry, Jr. <br />REFERENCES: <br />Finance Director <br />The Auditor General has issued .new rules effective August 1, 1986, <br />which have changed the requirements of the annual audit and the re- <br />port that must be filed with the Auditor General. <br />The new rules require the auditors to provide, as a minimum, an <br />opinion on the combined financial statements of the Board of County <br />Commissioners and an opinion on the combined financial statements <br />of each of the constitutional officers. Presently, the audit contract <br />with Authur Young, CPA's requires an opinion on the combined financial <br />statements of the County as a whole. <br />On September 5, 1986, 1 met with Duke Landorf of Arthur Young, CPA's <br />concerning the changes required by the Auditor General. Based on our <br />conversation, Mr. Landorf has provided two options to meet the require- <br />ments of the Auditor General. One option is to provide an opinion on the <br />County's combined, combining and individual fund and supporting state- <br />ments. This would require an additional 635 hours of audit work at a <br />total fee projected not to exceed $87,000.00. <br />The second option is to provide an opinion on the County's combined <br />financial statements and opinion on each of the constitutional officer's <br />combined financial statements. This would require an additional 450 <br />hours of audit work at a total fee projected not to exceed $77,000.00 <br />It is my recommendation to have the auditors examine and provide an <br />opinion on the County's combined, combining and individual fund and <br />supporting financial statements, and to amend the contract with Arthur <br />Young, CPA's to reflect the increase in the scope of the audit engage- <br />ment. This will provide the County with the highest level of opinion as <br />possible and insure that each fund of the County is examined by the <br />auditors. <br />EMF: bk <br />11 <br />BOOK 65 F"";E 8. 1 <br />