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Board recommends a forensic audit before general audit to probe alleged mishandling
Summary
Board members recommended a forensic audit to investigate suspected fraud and irregularities before a standard financial audit; discussion noted rarity and cost implications of forensic auditors and proposed a local candidate.
Board members told the meeting there are two distinct audit needs: a general financial audit to confirm the books and a forensic audit focused specifically on possible fraud or misconduct. The Chair said the membership had requested a forensic review and that the board's consensus was to commission that work first.
"We recommended, a forensic auditor who's local, who's very experienced," the Chair said, adding that forensic auditors are scarce and that alternatives may be out-of-state. Committee members requested pricing and noted the general audit will still be required by bylaws and regulations even after any forensic engagement.
No final contract was approved during the meeting; the board discussed moving forward with a proposed local forensic auditor and asked staff to obtain a price so the audit committee and board can decide on a firm and budget.
