(From Mary Challstrom, Treasurer, Mayor John Compton (2018-19), Mayor Joli McCathran (2014-18)
Just a note to clarify responsibilities of the Audit Committee as described at the annual Town Meeting. Members of the Committee, on a rotating basis, open and reconcile the monthly bank statements. The Treasurer does not open the statements, nor does she participate in the reconciliation. The Committee may review all invoices connected with the monthly statements.
In addition, the Town follows prescribed internal control guidelines to prevent fraud. Two signatures are required for every check – checks are written before presented to second signer. Invoices must be initialed by the second signer. The Mayor and Mayor Pro Tem have access to view the main bank accounts at any time. The Mayor and Council receive a monthly treasurer’s report (posted to Town website) and a quarterly statement of all account balances. The Town is required to have an annual audit by an independent accountant. This audit is rigorous and consists of interim and year-end testing, along with a review of financial practices to promote a separation of duties.
Many thanks to Ernie Kawasaki, John Klinger, and Deb Tarasevich for serving on the Audit Committee.