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HomeMy WebLinkAboutAudit Comm. 11/29/21Audit Committee Meeting Minutes November 29, 2021 Present: Ms. Kris Moussette, Chair; Mr. Jess Aptowitz, Ms. Kiera O'Neil and Mr. Mike DeSantis Also Present: Mr. Barry LaCasse, Assistant Town Manager/Finance Director; Mr. Matthew Violette, Town Accountant and Mr. Mike Nelligan, Auditor from Powers and Sullivan • Open the Meeting Ms. Kris Moussette called the Audit Committee Meeting to order at 6:OOPM. • Discussion and Consideration of Fiscal Year 2021 Financial Statements Mr. Michael Nelligan from Powers and Sullivan was present and provided a list of the required disclosures that needed to be made to the Committee members. He stated that the most significant estimates have to do with the pension and OPEB liabilities. He stated that there were no management discrepancies and no significant matters. He stated that the audit went very smoothly and was completed very quickly. Mr. Nelligan stated that it did not appear that cash was reconciled monthly, however it was all reconciled. He stated that the Annual Comprehensive Financial Report — ACFR is ready to submit by the end of December. He stated that they audited in detail the school lunch and coronavirus relief fund accounts which were straightforward. He then went through a summary of the financial statements followed by the management comments. The committee discussed the fraud risk assessment and Mr. LaCasse added that he and Mr. Violette met with several departments and they have addressed the fraud risk and many of the departments had already implemented changes. Mr. LaCasse stated that he would like to see that comment removed next year. Mr. Aptowitz asked if Mr. Violette could reach out to Mr. Dumas and Mr. Rhein to have this presented at a Select Board meeting in January. Motion: To approve the 2021 Fiscal Year Financial Reports. (O'Neil/Moussette) Passes 4:0 • Consideration to Approve the November 23, 2020, August 23, 2021 and October 18, 2021 Meeting Minutes Motion: To approve the meeting minutes of November 23, 2020, August 23, 2021 and October 18, 2021. (Aptowitz/O'Neil) Passes 4:0 • Any items not anticipated by the Chair 48 hours prior to this meeting There were no items. • Adjourn o Motion: To adjourn the Audit Committee meeting on November 29, 2021 6:30I. (Aptowitz/Moussette) Passes 4:0 �„x rn-;V rn rn Nm m ` o0 Sig ature Date cn M Minutes prepared by Carrie Champagne Audit Committee Meeting November 29, 2021 Page 1