External audit on track; town expects draft in October and final by December

The Town of Canadian's external audit is proceeding on schedule, the audit committee heard Sept. 24. Catherine, the external auditor, told the committee the firm had completed planning and initial fieldwork and expected the town to send trial balances in October, which would allow a draft report to be delivered in time for the committee's next meeting and a final issuance in December. "We completed our planning. We came out in, I think it was July, on-site to the town and the board of ed. So we've wrapped up all of that test work," Catherine said. "I definitely think with trial balances that week, we'll be on time to get you a draft for your next audit committee meeting and then issue in December." Committee members asked whether any audit issues had arisen; Catherine said testing to date had not produced concerns and that town and school staff had been timely in providing requested documents. "Town and Board of Ed have been uploading everything we've requested, so it's been nice getting everything timely," she said. The committee discussed scheduling: auditors said single-audit testing was in progress and that receipt of the town's trial balances would trigger the remaining field work. No formal action was taken; members planned a subcommittee meeting to review audit deliverables when a draft report is available. The committee thanked the auditors for keeping the work near schedule and agreed to reconvene when the draft financial statements were ready.