Auditor Minutes – March 25, 2019
Town of Braintree
Draft Auditors Meeting Minutes
March 25, 2019
Attendees: Tom Cooch, Lin Brown
- Mr. Cooch called the meeting to order at 8:30 a.m.
- No changes were made to the agenda.
- The minutes of the October 8, 2018 meeting were approved.
- Elect Officers. Mr. Cooch was re-elected Chair and Mr. Brown was re-elected Secretary.
- Review tasks needing completion for FY19.
– State Payments: Complete through FY19-Q2. Mr Cooch will do the next one for FY19-Q3&Q4.
– General Journal: Complete through FY19-Q2. Mr. Cooch will do the FY19-Q3 audit.
– Grand List: Complete for FY19. Done annually at the end of Q2.
– Accounts Payable: Done through FY19-Q1. Either Mr. Cooch or Ms. Barrett will complete the FY19-Q2 audit and do FY19-Q3.
– Payroll: Complete through FY19-Q2. Mr. Brown will do the FY19-Q3 audit.
– General and Reserve Funds: Complete through FY19-Q2. Mr. Cooch will do the FY19-Q3 audit.
– Cash Receipts: In progress. See discussion in section 8.a below.
- Assign jobs for FY20. This item was tabled.
- Review Sullivan and Powers Reports. A review of the professional auditors (Sullivan and Powers) reports for the past few years shows a substantial improvement in the Town’s management procedures and practices for internal control over financial reporting. The most recent report (FY 2018) shows no ‘material weaknesses’ and no ‘significant deficiencies’. This is the first time that the Town has received such a good evaluation since using a professional auditor.
- Audit Procedure Manuals.
- Cash Receipts
Continued discussion about identifying the most effective procedures for auditing cash receipts. While focusing audit attention on only the large transactions seems a good strategy, no resolution was reached. Further work on this procedure was tabled.
Mr. Brown reported on the procedure for auditing income from taxes. The part for verifying the process by which the tax rate is set is nearly complete, lacking only a few written details. The part for checking that tax bills are generated correctly and that tax receipts are properly recorded and deposited is yet to be done. Mr. Brown will research the delinquent tax reports to determine whether there is a method for doing a year-to-year audit check.
- Other business – The auditors asked the Town Clerk about the “Property Tax Overpayments” line on the Balance Sheet.
- Our next meeting will be scheduled at a convenient time in April or May 2019.
- The meeting was adjourned at 9:30 a.m.
Linfield C. Brown