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Ossipee committee weighs CPA audits, elected auditors and whether to fund periodic third-party reviews
Summary
Committee members reviewed state audit rules (MS-60), debated elected auditors versus CPA audits, and discussed appropriating funds for occasional third-party audits amid concerns that increasing budgets warrant more external review.
Members of the Ossipee Town budget committee spent a significant portion of the meeting discussing audit procedures and the town’s approach to financial oversight. A participant outlined DRA guidance and MS-60 reporting thresholds: if a municipal entity receives $500,000 or more in federal funding then a CPA audit is required; otherwise towns can use elected auditors or CPA services.
Several committee…
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