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I Also, in accordance with Attachment P to OMB Circular A-102, we will conduct a single audit, that is, a financial and compliance examination of all state, federal and local funds. The examina- tion shall be performed in accordance with the General Accounting Office Standards for Audit of Governmental Organizations, Programs, Activities ahd Functions, the Guidelines for Financial and Compliance Audits of Federally Assisted Programs, compliance supplements approved by OMB, compliance requirements contained in applicable sections of North Carolina G. S. and generally accepted auditing standards established by the American Institute of Certified Public Accountants. Under generally accepted auditing standards the independent auditor has the responsibility, within the inherent limitations of the auditing process, to plan the examination to search for errors or irregularities (as defined in authoritative profes- sional literature) that would have a material effect on the financial statements. Our search for material errors or irregularities ordinarily is accomplished by performing those auditing procedures that an our judgment are appropriate in the circumstances to form an opinion on the financial statements as a whole. Our examination, which is based on the concept of selective testing of the date being examined, is subject to the inherent risk that material errors or irregularities, if they exist, will not be detected. In conducting our examination, we will be aware of the possi- bility that illegal acts (as defined in authoritative profes- sional literature) may h~ve occurred that may have a material effect on the financial statements. Examinations conducted in accordance with generally accepted auditing standards are of limited effectiveness an discovering possible illegal acts and cannot be expected to provide assurance that illegal acts will be detected, although procedures that are performed primarily for the purpose of forming an opinion on the financial state- ments as a whole may also bring possible illegal acts to the auditor's attention. REPORTS We ancitipate preparing and submiting the following reports as a result of our services: A. Financial audit reports: - a report on the examination of the financial state- ments and supplementary information of the County in accordance with generally accepted auditing standards a general management (audit findings) letter addressed to the Cabarrus County Board of Commissioners