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External auditor: Brookfield’s books ‘fairly stated’ for fund statements but government-wide records show gap on capital assets
Summary
An outside auditor told the Brookfield Select Board the town’s fund-level financial statements are sound but government-wide statements carry an adverse opinion because the town has not recorded capital assets; the auditor recommended policies on capital assets, IT/cybersecurity and stronger documentation for related‑party transactions.
An external auditor told the Brookfield Select Board that the town’s general fund, trust funds and conservation accounts are “fairly stated” but the government-wide financial statements have an adverse opinion because capital assets have not been recorded.
The auditor, identified in the meeting only as Cheryl, said “an audit is, a process that is required by the state,” and explained that towns of Brookfield’s size must receive a full annual financial audit rather than the smaller MS-60 spot check. She described the adverse opinion as limited to the government-wide statements and said it does not bar the town from borrowing.
Why it matters: government-wide statements combine all funds on a single balance sheet and income statement. Missing capital asset records — buildings, land or equipment — can make those consolidated statements materially incomplete, which leads auditors to issue an adverse opinion.
Cheryl told the…
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