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Board hears auditors on timetable for draft financial statements
Summary
Burlington's Board of Finance heard from auditors who urged delivering draft financial statements to management and the board as soon as available, rather than waiting for the partner’s final review, to allow adequate time for local review.
At its May 20 meeting, the Burlington Board of Finance discussed the auditors’ timetable for delivering the town’s financial statements. Auditors and board members said drafts should be provided to management and the board as soon as they are available, rather than waiting for the audit partner’s final review, to allow adequate time for local review.
Board members emphasized the need for sufficient review time once drafts are available so the Board and management can examine the statements before finalization. The minutes record the topic as a timetable of deliverables and a recommendation to provide draft financial statements earlier in the audit process.
The minutes do not name the auditing firm partner or provide a firm timetable or dates for expected drafts. The board amended the agenda earlier in the meeting to ensure the auditor discussion occurred as the second item. The board took no formal vote on audit timing in the minutes; the conversation is recorded as guidance to improve the audit review timeline.
