Dave,
The wire color is important, but do not neglect Alaric's other point. The voltage rating of the wire insulation is (for me) more important than the color.The color is useful for identification, but the insulation voltage-withstand rating will protect you from getting 480 VAC on a 24 VAC wire. Make sure that ALL those ORANGE wires inside that conduit have an insulation rating higher than the highest possible voltage. You never said what that AC voltage level was - apparently this topic was not too important for you, but you need to consider it for safety purposes.