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Treasurer reports adverse audit finding; Selectboard approves corrective steps
Summary
Treasurer Kim Seymour said the town received an adverse audit finding over insufficient review and approval of journal entries; the board approved corrective actions including dual reviewers, quarterly reviews, an accounting manual, cross‑training, and a proposed fraud risk assessment.
The Selectboard reviewed the town audit and approved immediate corrective steps after the treasurer reported an adverse finding. Treasurer Kim Seymour told the board that "the town received an adverse audit finding due to insufficient review and approval of journal entries." She outlined corrective actions: year‑to‑date review of journal entries, assignment of two reviewers, quarterly review procedures going forward, development of an accounting procedure manual, and cross‑training staff for accounts payable and payroll functions.
Seymour also noted the auditor recommended a formal fraud risk assessment. The board approved forming a policy review workgroup to update policies more broadly and indicated the Trustees of Public Funds will review a proposed investment policy. Board members asked staff to implement the audit recommendations and report progress at future meetings.
