May 302019
 

Town of Braintree

Draft Auditors Meeting Minutes

May 28, 2019

Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown

1. Mr. Cooch called the meeting to order at 8:55 a.m.

2. No changes were made to the agenda.

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

4. Review tasks needing completion for FY19.

– State Payments: Complete through FY19-Q2. Mr. Brown will do the next one for FY19-Q3&Q4.

– General Journal: Complete through FY19-Q3. Mr. Cooch will do the FY19-Q4 audit.

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

– Payroll: Complete through FY19-Q2. Mr. Brown will do the FY19-Q3 and Q4 audit.

– General and Reserve Funds: Complete through FY19-Q3. Mr. Cooch will do the FY19-Q4 audit.

– Cash Receipts and Taxes: In progress.  See discussion in section 6 below.

5. Assign jobs for FY20.

Individual audit assignments for FY20 will remain the same as in FY19.

6. Audit Procedure Manuals.

a. Cash Receipts

Continued discussion about identifying the most effective procedures for auditing cash receipts. We decided to try to develop a trial procedure that would reconcile all cash transactions over $200 and a random sample of five (5) less than $200. Mr. Cooch will prepare a draft procedure for discussion at our next meeting.

b. Taxes

Mr. Brown reported no progress on a procedure for checking that tax bills are generated correctly and that tax receipts are properly recorded and deposited. Mr. Brown will prepare a draft procedure for discussion at our next meeting.

c. Tax Rate Calculation

Mr. Brown reported that the procedure for verifying the process by which the tax rate is set is nearly complete, lacking only a few written details on the sources of information for estimated income. Mr. Brown will prepare a draft procedure for discussion at our next meeting.

d. General Fund Reconciliation

Mr. Cooch reported that small changes are necessary to the procedure manual for General Fund Reconciliation to bring it up-to-date with the new format for data received from Mascoma Bank.

7. Other business.  There was none.

8. Our next meeting will be scheduled at a convenient time in October 2019.

9. The meeting was adjourned at 9:30 a.m.

Respectfully submitted,

Linfield C. Brown