Local Govt Finance

Chapter Nine covers Accounting, Financial Reporting, and the Annual Audit. Public confidence in government
depends on proper stewardship of public moneys. The North Carolina Local Government Budget and Fiscal
Control Act (LGBFCA) sets forth requirements for fiscal control that provide a framework for ensuring
accountability in local government’s budgetary and financial operations. In this chapter we will look at on these
requirements, which generally are equally applicable both to county governments and municipal governments.
A local government’s contract with an Auditor must be approved by the LGC.
Question: What are the positives and or negatives of using the same Auditor year after year?

Sample Solution