Purpose of Audit

The purpose of our audit was to review the Town’s financial operations for the period of January 1, 2012 through October 11, 2013.

Background

The Town of Franklin is governed by a five-member Town Board and has a population of approximately 2,400 residents. Budgeted appropriations for 2013 totaled $1.6 million.

Key Findings

• The bookkeeper performs most of the financial duties without oversight and does not ensure that reported balances are accurate.
• Annual financial reports have not been filed since 2008.
• The Board did not perform, or provide for, annual audits of the Supervisor’s financial records as required by Town Law.

Key Recommendations

• Ensure that financial duties are properly performed and adequately segregated.
• File the annual financial report with OSC and the Town Clerk within the statutory time period.
• Perform an annual audit of the Supervisor’s records.