Purpose of Audit

The purpose of our audit was to assess the completeness and accuracy of the Town’s records and reports for the period January 1, 2008, to December 31, 2011.

Background

The Town of Stephentown is located in Rensselaer County, and has a population of approximately 2,900. The Town Board consists of four council members and the Town Supervisor, and is responsible for managing Town operations and overseeing the Town’s financial affairs. The Town’s budgeted expenditures for 2012 are approximately $1.4 million.

Key Findings

• The Town does not have complete, accurate, and up-to-date accounting records, nor have monthly bank reconciliations been performed during our entire audit period.
• The Supervisor has not filed the required AUD with OSC for the past three years.

Key Recommendations

• Ensure that the Town’s accounting records are complete, accurate, and maintained in a timely manner. Perform complete and accurate monthly bank reconciliations and ensure that any differences disclosed by the reconciliation process are promptly identified and resolved.
• File the Town’s annual update document with OSC for fiscal years ending December 31, 2009, 2010, and 2011.