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Audit committee reports ongoing procurement audit; financial statement audit starts next week
Summary
The Town of Buchanan audit committee updated the council on the financial statement audit by PKF and an in-progress internal audit of procurement processes conducted by CLA and CohnReznick; the procurement audit will deliver preliminary management recommendations this summer.
The Town of Buchanan Audit Committee updated the Town Council June 18 on two audit tracks: the annual financial statement audit and an internal audit of procure-to-pay processes.
Robert Fryer, Audit Committee chair, told the council the town’s external auditor, PKF, will begin planning with the finance department the week of June 25 and that the firm had been re-engaged last year for a three-year term. He said PKF expects to complete fieldwork and file the audited financial statements on the same schedule as the prior year.
On internal audit, Bill Bradley described work…
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