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Audit Objective

Determine whether the Comptroller maintained complete, accurate and up-to-date accounting records and reports to allow the Board to properly manage the Town’s finances.

Key Findings

• The Comptroller did not perform bank reconciliations to ensure cash activity was properly accounted for and did not maintain accurate accounting records.
• Due to deficiencies in the records, the Annual Update Documents (AUDs), which are the Annual Financial Reports, were not filed on a timely basis.
• The Board did not annually audit the Comptroller’s records.

Key Recommendations

• The Comptroller should complete monthly bank reconciliations, ensure the accounting records are accurate and file the AUD in a timely manner.
• The Board should annually audit the Comptroller’s records or have an independent public accountant do so.

Town officials agreed with our findings and indicated they plan to initiate corrective action.