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Auditor explains sampling, $2M revenue surplus and ARPA transfers to council
Summary
An auditor presented Marlborough County's financial review, saying bank accounts were reconciled 100% while sampling tested 40 items, reporting a roughly $2 million revenue surplus offset by $1.2 million of over-expenditures and explaining ARPA transfer flexibility for counties under $10M in receipts.
Council members questioned the county's annual financial report and auditor processes; the auditor explained the audit's scope, materiality thresholds and sampling approach and walked council through notable line items.
The auditor said bank accounts and reconciliations are reviewed in full and that sampling of transactional disbursements and revenues typically used a sample of about 40 items to test internal controls. He explained audit resource constraints and the concept of materiality: "you couldn't pay us to look at every dollar and penny," he said, which is why…
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