Town of Braintree
Auditors Meeting Minutes
March 17, 2014
Attendees: Jen Baumann, Tom Cooch, Lin Brown, Jessica Kinney , Tim Caulfield
Mr Cooch called the meeting to order at 10:00 a.m.
Mr. Cooch was elected Chair and Ms. Baumann was elected secretary, Mr. Brown was welcomed as a new auditor.
The minutes of July 8th, 2013 were reviewed and approved
The response to Sullivan & Powers was reviewed and approved.
It was brought up that someone needs to inform S&P that we are unhappy with their services and responses to our inquiries. A lot of the report was cookie-cutter and not applicable – Ms. Kinney agreed to check on it.
In addition there are still changes to come from S&P – the balance sheet will be changing because the accumulated depreciation and depletion are not correct at this point. Alice made the adjustments in 2012 and S&P was supposed to make them in 2013 but didn’t.
The length of the contract with S&P was confirmed to be through June 30, 2013.
Ms Kinney gave an update on the NEMRC transition which should take place in time for Quickbooks to be replaced in full by NEMRC on July 1st. A lot of the set-up will be done ahead of time to make that feasible.
In other business, division of responsibilities will remain the same for our internal audit team due to the change to NEMRC. There is no sense in taking on new roles when they will all be changing again shortly. Ms. Baumann will send out a copy of the current list so the Mr. Brown is aware of the current roles.
The topic of grants was raised and it was mentioned that Holly Jarvis is the only one dealing with grant applications and follow-up once the Selectboard decides to pursue a grant. There is currently no double check of whether the information going into grant applications is correct. It was suggested that the Treasurer or Assistant Treasurer should fulfill that role. The Auditors would then spot check , most likely quarterly, to make sure the documentation is set.
Mr. Caulfield brought up the question of risk assessment and the role of the Auditors. There is a slide show provided by VLCT which should be helpful. The Selectboard will probably appoint someone to head up this project. Mr. Caulfield will forward the PDF.
Training for auditors was the last topic of discussion and Mr. Brown expressed an interest in attending. He will look into the scheduling. There is money in the budget to pay for the training and Ms Jarvis will order a copy of the Auditor Handbook for Mr. Brown.
It was decided to meet next in July on a date to be determined.
Meeting was adjourned at 11:15.