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Fiscal 2024 audit finds material weakness in timing of reconciliations; town outlines corrective steps
Summary
Auditors presented the town's FY2024 financial audit on June 24 and identified a material weakness tied to late reconciliations of cash and receivable accounts. Town officials said staff turnover and system conversions contributed and described plans to hire outside help and improve processes.
Town auditors presented the FY2024 financial statements and a management letter to the Select Board June 24, concluding that the town’s statements are fairly presented but identifying a material weakness tied to delayed reconciliations of key accounts.
Town Finance Director David (last name not specified in the public remarks) told the board the reconciliations for cash and receivables were completed many months behind the town’s target schedule. Auditors attributed the lapse to a combination of staff vacancies, turnover in the treasurer/collector’s office and an ongoing conversion to a new financial/billing system. The audit firm recommended the town consider outside…
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