Auditor Minutes – April 11, 2018
Town of Braintree
Auditors Meeting Minutes
April 11, 2018
Attendees: Tom Cooch, Stephanie Barrett, Lin Brown
1. Mr. Cooch called the meeting to order at 7:04 p.m.
2. No changes were made to the agenda.
3. Mr. Cooch was elected chair and Mr. Brown was elected secretary for the coming year.
4. The minutes of the February 12, 2018 meeting were approved.
5. Review work completed and remaining for FY18
a. Ms. Barrett:
Accounts Payable audits are complete through FY18Q2.
Cash Reconciliation audits await development of an agreed procedure.
b. Mr. Cooch:
General Journal audits are complete through FY18Q3.
General Fund and Reserve Funds reconciliations are complete through March 2018.
c. Mr. Brown:
Payroll audits are complete through FY18Q3.
Tax and other income audits await development of an agreed procedure.
6. Audit Procedure Manuals. The procedure manuals for General Journal, Reserve Funds, and Grand List audits were approved.
7. Brainstorm procedures for cash, taxes, and income procedures
Mr. Cooch suggested a procedure for auditing cash receipts. This would involve creating a spreadsheet of entries in the Town Clerk’s cash receipt book, and checking this against the bank cash deposit slips. Mr. Brown noted that a cash receipt report may also be available from the NEMRC software, which could serve as an additional check. Mr Cooch will experiment with this procedure for FY18Q3 cash receipts and report.
Mr. Brown distributed copies of the various types of reports that can be generated from the NEMRC Cash Receipts module, showing the level of detail that is available. After some discussion, Ms. Barrett suggested that our audit procedure should start by verifying the process by which the tax rate is set, then checking that tax bills are generated correctly, and finally that tax receipts are properly recorded and deposited. Mr. Brown will work with the Listers and Town Clerk and prepare a draft of this procedure.
c. Other Income
This discussion focused on income from State grants. This type of income is coded separately in the NEMRC software, and can be checked against reports of grants to cities and towns provided by the State of Vermont on one of their websites. Mr. Brown will investigate and report.
8. Storage of Auditing Documents
We agreed that all audit documents – our written audit procedures and the results of our various audits – be placed together in a common location. Mr. Cooch has prepared 3-ring binders for these documents, which we examined. The binders will be conveniently kept on the bookshelf in the main Town Office.
9. Our next meeting is scheduled for June 4, 2018 at 9:00 a.m. in the Town Offices.
10. There was no other business conducted at this meeting.
11. The meeting was adjourned at 8:04 p.m.
Linfield C. Brown