Cabarrus County Comprehensive Annual Financial Report

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INDEPENDENT AUDITOR’S REPORT Board of County Commissioners Cabarrus County Concord, North Carolina We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Cabarrus County, North Carolina, as of and for the year ended June 30, 2012, which collectively compriVHWKH&RXQW\¶VEDVLFILQDQFLDOVWDWHPHQWVDV listed in the table of contents. These financial statements are the responsibility of Cabarrus &RXQW\1RUWK&DUROLQD¶VPDQDJHPHQW2XUUHVSRQVLELOLW\LVWRH[SUHVVRSLQLRQRQWKHVHEDVLF financial statements based on our audit. We did not audit the financial statements of the component unit, Cabarrus Health Alliance, which represents 100% of the assets, net assets, and revenues of the discretely presented component unit. Those financial statements were audited by other auditors whose report thereon has been furnished to us; and our opinion, insofar as it relates to the amounts included for the Cabarrus Health Alliance is based solely on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United Government States of America and the standards applicable to financial audits contained in Auditing Standards , issued by the Comptroller General of the United States. The financial Government statements of Cabarrus Health Alliance were not audited in accordance with Auditing Standards . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit and the report of the other auditors provide a reasonable basis for our opinions. In our opinion, based upon our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Cabarrus County, North Carolina as of June 30, 2012, the respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. 730 13th Avenue Drive SE Hickory, North Carolina 28602 Phone 828-327-2727 Fax 828-328-2324 13 South Center Street Taylorsville, North Carolina 28681 Phone 828-632-9025 Fax 828-632-9085 Toll Free Both Locations 1-800-948-0585 Website: www.martinstarnes.com 13