On Monday, January 9, 2012, the Board of Selectmen voted to establish an Audit Committee. On September 10, 2012, and March 23, 2015, the Board of Selectmen revised the charge. The charge is as follows:
RESOLVED, that the Board of Selectmen establish an Audit Committee to advise the Board of Selectmen, Finance Committee and town management including the Town Administrator, Finance Director/Town Accountant and Town Treasurer with respect to the town’s internal auditing, financial systems and internal controls, and independent annual audit.
Duties and Responsibilities
Duties shall include:
- Make recommendations to the Board of Selectmen on the selection of the independent auditor and recommend scope of the independent audit
- Make recommendations to the Board of Selectmen for areas where extra focus or expanded attention may be appropriate
- Review annual financial statement and management reports prepared by the auditors and provide comments with respect to said review
- Review and report to the Board of Selectmen at least annually on the status of management recommendations made by the independent auditor and corrective action taken by management
- [Added March 23, 2015] Additionally, with approval of the Board of Selectmen, provide assistance in support of the process for other external audits or reviews, which may include providing input on the scope, reviewing and ranking respondents to RFPs, acting as a point of coordination and support for the auditor conducting the work, and, if requested, provide advice to the requestor on reading and interpreting the report.
The committee shall be comprised of five (5) voting members serving for terms of three (3) years to be designated by the following committees and appointed by the Board of Selectmen, with preference given to individuals with professional expertise in accounting, financial management, law, or business or not-for-profit organization management. No officer of the town or member of any board, committee or commission, whether elected or appointed, and no past or current town or school employee shall be a member of the Audit Committee:
- One (1) member to be designated by the School Committee;
- One (1) member to be designated by the Finance Committee;
- Three (3) members to appointed by the Board of Selectmen.
- The Finance Director and Town Administrator shall serve ex officio without the right to vote and his/her presence shall not be counted in determining a quorum.
Initially, one (1) member designated by the School Committee and one (1) member appointed by the Board of Selectmen shall be appointed for one (1) year, one (1) member appointed by the Board of Selectmen and one (1) member designated by the Finance Committee shall be appointed for two (2) years, and one (1) member appointed by the Board of Selectmen shall be appointed for three (3) years to establish staggered, three-year (3) terms.