Nov 212019
 

Town of Braintree

Draft Auditors Meeting Minutes

November 1, 2019

Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown

1. Mr. Cooch called the meeting to order at 9:05 a.m.

2. No changes were made to the agenda.

3. The minutes of the May 25, 2019 meeting were approved.

4. Review tasks needing completion for FY19.

– State Payments: Complete through FY19-Q3&Q4.

– General Journal: Complete through FY19-Q3. There was only one entry for FY19-Q4, so Mr. Cooch will wait until Sullivan and Powers does their audit before completing this task.

– Accounts Payable: Done through FY19-Q2. Ms. Barrett will complete the FY19-Q3 and Q4 audit.

– Payroll: Complete through FY19-Q4

– General Fund: Complete through FY19-Q3. FY19-Q4 is not done due to inconsistencies in the Mascoma bank statements (see item 6 below). Mr. Cooch is working with the Town Treasurer complete the FY19-Q4 audit.

– Reserve Funds: Complete through FY19-Q4.

5. FY21 Budget: Auditors will submit the same budget for FY21 as we have for FY 20.

6. Review changes in General Fund Account at Mascoma Bank

– Mascoma Bank issues account statements (paper) that have inconsistent dates, making it difficult to reconcile the end of month balances. Together with the Town Treasurer, the Town Auditors discussed various options for dealing with this situation. 

– Voted: To authorize Mr. Cooch to write a letter to our professional auditors, Sullivan and Powers, seeking advice on how best to resolve this issue of uncoordinated statement dates for account balances.  In particular, we will ask if screen shots of the online bank account status, all for the same date, are a valid to use as documentation of monthly reconciliation reports.

7. Time Guidelines for Statement Reconciliations

Currently the General Fund reconciliations are 5 months behind completion. The auditors are exploring options for returning to a more timely schedule (see Item 6 above). The goal is to have these reconciliations complete with a month or two of receipt of the bank statements.

8. Changes to Audit Procedure Manuals.

a. General Fund

Mr. Cooch reported that revised procedures, precipitated by Mascoma Bank’s inconsistent monthly statement dates, are in flux and will be developed as the back list of unreconciled monthly reports is resolved.

b. State Payments

Mr. Brown reported that the current procedure uses the NEMRC receipts as a base for reconciling the State Payments to the Town.  Recent experience with the current procedure shows that using the State Payments report as the base for reconciling the NEMRC entries is a more appropriate procedure. We greed that this change is appropriate and Mr. Brown will work on the necessary modifications.

9. Other business.  There was none.

10. Our next meeting will be scheduled at a convenient time in December 2019.

11. The meeting was adjourned at 10:05 a.m.

Respectfully submitted,

Linfield C. Brown