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~Arthur Young <br /> <br /> ATTACIIUENT A <br /> Page 2 of 7 <br /> <br /> Our examination will be conducted in accordance with generally <br /> accepted auditing standards. It will also take into <br /> consideration the Statutes of North Carolina; regulations <br /> promulgated by the North Carolina Local Government Commission; <br /> the publication of the Governmental Finance Officers Association, <br /> "Governmental Accounting, Auditing and Financial Reporting"; <br /> National Council on Governmental Accounting Statements and <br /> Interpretations; and pronouncements of the Governmental <br /> Accounting Standards Board. <br /> <br /> Also, in accordance with the Single Audit Act of 1984 and CUB <br /> Circular A-128 we will conduct a single audit, that is, a <br /> financial and compliance examination of all state and federal <br /> grants and awards. The examination shall be performed in <br /> accordance with the General Accounting Office Standards fo]' Audit <br /> of Governmental Organizations, Programs, Activities and <br /> Functions, tile Guidelines for F~nancial and Compliance Audits of <br /> Federnll%, Assisted Programs, compliance supplements approved by <br /> O~B, compliance requirements contained in applicable sections of <br /> North Carolina general statutes and generally accepted auditing <br /> standards established by the American institute of Certified <br /> Public Acconntants. <br /> <br /> Under generally accepted auditing standards the independent <br /> auditor has the responsibility, within the inherent limitations <br /> of the auditing process, to plan the examination to search for <br /> errors of irregularities (as defined in authoritative <br /> professional literature) that would have a material effect on the <br /> financial statements. Our search for material errors or <br /> irregularities ordinarily is accomplished by performing those <br /> auditing procedures that in our judgment are appropriate in tile <br /> circumstances to form an opinion On the financial statements as a <br /> whole. Our examination, which is based on the concept of <br /> selective testing of the data being examined, is subject to the <br /> inhereut risk that material errors or irregularities, if they <br /> exist, will not be detected. <br /> <br /> <br />