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Finance director aims for earlier audited financials, outlines stronger controls
Summary
The finance director told the committee she hopes to move audited financials from December to October by sending reconciliations earlier and described separation of duties, multi-level approvals, transaction reviews and policy updates to limit improper credit-card and procurement use.
The finance director said she wants to shorten the lag between fiscal year close and final audited statements and described steps to achieve that goal. She said the town historically got audited financials in December but is working toward an October audit by providing reconciled reports earlier and pursuing a "real-time audit" process with external auditors.
In response to a committee question about controls over purchasing and credit cards, the director said the town enforces separation of duties, requires departmental approval and retains receipts and backup for every transaction. She said credit-card limits exist, transactions are reviewed and policy updates will be done annually to address purchases that could be misclassified as fixed assets or otherwise misuse card privileges.
