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Audit committee targets Dec. 3 to finalize town ACFR; minutes approved
Summary
The New Canaan Audit Committee was told the draft ACFR is nearly complete if town capital assets and the BOE’s compensated-absence figures arrive; members approved minutes and set a Dec. 3 target to finalize the financial statements.
The Audit Committee of the Town of New Canaan reviewed progress on the independent audit of the town’s financial statements and set a target to finalize and recommend the annual comprehensive financial report at its Dec. 3 meeting.
Committee chair (speaker 2) said the audit ‘‘is in progress’’ and that ‘‘an awful lot’s gotta happen’’ before the next meeting. Town staff reported that most schedules and numbers are ready but that capital assets remain outstanding and must be loaded into the accounting system before the Management’s Discussion and Analysis and other narrative sections can be completed.
Town presenter (speaker 3) told the committee the capital-asset entries, including work to capitalize the new police station, should be loaded by next week so the auditor can finish testing and the report verbiage. ‘‘Once we have those, I’d say it’ll take us about two days just to do the testing on capital assets, finish up compensated absences, and update the financial statements, and then we’ll be able to get you and management a draft,’’ said Catherine (Speaker 6), the engagement representative from PKF (the audit firm).
Catherine said the auditor still needs the Board of Education’s revised compensated-absence totals and the town’s capital-asset detail; after those items arrive the firm will complete testing and deliver a draft. The committee urged members to funnel editorial comments through the chair so staff receive a single consolidated set of edits rather than duplicate messages.
Procedural actions taken during the meeting included approval of the minutes of Sept. 24 (moved and seconded; approved unanimously) and a unanimous voice vote to adjourn at approximately 9:15:45 a.m.
What’s next: The committee expects capital-asset schedules and BOE compensated-absence figures within days. If those deliverables are provided on schedule, PKF anticipates completing testing and circulating a draft ACFR in time for the committee to act at its Dec. 3 meeting.
