Auditor Minutes – August 15, 2016
Town of Braintree
Draft Auditors Meeting Minutes
August 15, 2016
Attendees: Tom Cooch, Stephanie Barrett, Lin Brown
- Mr. Cooch called the meeting to order at 9:35 a.m.
- No changes were made to the agenda.
- The minutes of the March 21, 2016 meeting were approved.
- Review work completed for FY2016
- AP audit for FY16Q1 through Q3 are complete.
- Monthly General Fund and Reserve Funds reconciliation through May 2016 are complete. June (EOY) reconciliation pending Town Treasurer’s final close for FY2016.
- Grand List: Awaiting completion of Lister adjustments to property assessments. Not required until Fall 2016.
- AP audit for FY16Q4 is complete.
- Cash reconciliation: Reviewed cash procedures with Town Clerk/Treasurer. Audit procedure remains in development.
- Payroll audits for FY16Q2 through Q4 are complete. Minor procedural and technical errors were discovered. Brown will request that the Select Board Chair impress upon Town supervisors that all time sheets must be checked for numerical accuracy and must have a supervisor’s approval signature.
- Accounts Receivable: No progress to date.
- Plan tasks for FY 2017
Mr. Cooch: Monthly General Fund and Reserve Fund reconciliations. Grand List.
Ms. Barrett: AP audit. Cash reconciliation.
Mr. Brown: Payroll audit. AR audit.
- Audit Procedure Manuals
- General Fund and Reserve Funds Procedure Manuals.
- New drafts of the General Fund and Reserve Funds Reconciliation procedures were reviewed and discussed at length. The main issues are (1) the difficulty of importing the NEMRC Reserve Fund reports into a suitable Excel template and (2) understanding the beginning balance adjustments made to these reports by the professional auditors – Sullivan and Powers (S&P).
- We met briefly with the Town Treasurer who helped us with interpreting both the NEMRC Reserve Funds reports and the S&P beginning balance adjustments.
- We conditionally approved the General Fund Reconciliation Procedure Manual, pending a clean copy. Mr. Cooch will place a copy in the Audit Procedures Binder in the Town Offices.
- Cooch will continue to refine the draft Reserve Funds Reconciliation Procedure.
- Accounts Receivable Audit Procedure.
- Brown will prepare a draft of the Accounts Receivable audit procedure. This will include income from property taxes, grants and other sources.
- Cash Audit Procedure.
- Barrett will prepare a draft of the Cash Receipts audit procedure in consultation with the Town Treasurer and the Town’s Cash Receipts Policy.
- There was no other business conducted.
- The meeting was adjourned at 11:25 a.m.
Linfield C. Brown