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HomeMy WebLinkAboutAudit Committee - 11/19/2014Audit Committee. Meeting November 19, 21014 Meeting Room 3 AJB, Town Hall r C f;dED - KS OFFICE 21115 MAR -2 P 2: 21 `' " `U1tJSFTTS Present: less Aptowitz-Board of Selectmen & Chairman of the Audit Committee, Jim Bazinet- Finance Committee, Bob Krentzman, Gary Babin-Director Audit Committee, John Stanbrook - Finance Director and William Ross -Town Manager. Audit Committee called to order at 6:33 p.m. Vote to approve the minutes of March 12`h meeting, motion to accept, tabled as the majority present at this meeting were not present at the March 121h meeting. Vote to approve the minutes of the October 15` meeting, motion, second, carries 3-0. Discussion of the audit for fiscal 2014. Mr. Stanbrook noted that the town auditors started last Wednesday and they are presently working on the audit, it should be completed around Christmas time. There is no anticipation of any issues and the committee would like to receive a draft issued from the auditors in advance in order to review prior to a meeting. The committee will schedule a meeting after the draft is Issued, Discussion of the bid process for auditors proposals, Discussion of expansion of the audit group. There are 7 requirements in Article 28 of the by- laws and the committee is wondering how they will handle the tasks on the internal control Process for the best practice for the town. Discussion to create a sub -committee. The by-law would need to be changed if the audit group expanded. Changing the by-law would need to be approved by the Board of Selectmen and approved at town meeting. The committee will put this on hold until all members are present. Discussion of the extensive study by Lynch, Malloy financial operations. Discussion of attendance of audit committee member(s). Motion to enter into the Light Commission/Board of Selectmen meeting, second, proceed. Light Commission/Board of Selectmen meeting called to order, pledge of allegiance. Discussion of the retirement of Gary D'Ambra, Discussion re -presentation of the financial audit commissions fiscal year 2014 audit report for the light department. Mr. Aptowitz, Chairman of the audit committee mentioned the completed June 30, 2014 audit report for the light department. The audit is reconciled, no issues and they are pleased. Vote to present to the Board to accept. No questions from the Board of Selectmen. Discussion that the town auditors contract is up, they will be looking into that. Adjourn, all in favor.