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Mre. Pam Dubois Cabarrus County Page 3 December 26, 2007 consistent with generally- accepted accounting principles and with those used in the relevant industry. In particular our auditing procedures. will test accounting asdmatea and revenue recognition. Our sbrvice approach will consider key perfamtance indicators for your organization not only to assist in Nre design of our audit approach but also to provide analysis of khe strengths and weaknesses of your organization, All of these changes require significant iacreasas in Nme that we will spend on an audit, We expect that it will also regpire significant increase in Nme by your personnel as they provide the requisite information to comply with these. now standards. We will diaeuss with you how, working together, we can control audit costa. However, wa do anticipate that our clients will experience an increase in audit fees. Given these facts, wa anticipate the fees For the audit for Tune 30, 2008 to range from $35,500 to $39,500, As we go through this first implementation cycle, December 31" year ends are Ure first to require Nis new standards, we will have a better understanding oP the .additional costs. In April, we should be able to provide a more accurate number for the June 30, 2008 audit, but we wanted to communicate with you the possible costs es you sat your budget for 2009, The dynamics of the current economy has challenged all businassea, local governments and not.for profit organizations. We at Patter & Company, P.A. promise the bast quality attest services customized to Nie"needs of each of cur clients. If you should have any questions about the items raised here, do not hesitate to contact us. Sincerely, POT'f13R &c COMPANY, P.A. i~ elm W. Kapelar Certified Pu61ic Accountant JWK/mim F-~l