Auditor Minutes

Oct 112018
 

Town of Braintree

Draft Auditors Meeting Minutes

October 8, 2018

 

Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown

 

  1. Mr. Cooch called the meeting to order at 9:10 a.m.

 

  1. No changes were made to the agenda.

 

  1. The minutes of the June 4, 2018 meeting were approved.

 

  1. Review work completed for FY19.

– General and Reserve Funds: Complete through FY18-Q4. Mr. Cooch reported that an end of year reallocation of interest may be required prior to doing the FY19-Q1 audit. Mr Cooch will ask the Town Administrator for clarification on the extent to which these Funds are operating funds.

 

– Accounts Payable: Done through FY18-Q3. Ms. Barrett will complete the audit for FY18-Q4 and do FY19-Q1.

 

– Payroll: Complete through FY18-Q4. Mr. Brown has updated the Employee List for FY19 and will do the FY19-Q1 audit.

 

– Grand List: Done annually at the end of Q2. OK for now.

 

– General Journal: Complete through FY18-Q4. Mr. Cooch will do the FY19-Q1 audit.

 

– State Payments: Done semi-annually. Complete through FY18-Q4.  Mr Brown will do the next one for FY19-Q1&Q2.

 

– Cash Receipts: In progress.  See discussion in section 5.a below.

  1. Audit Procedure Manuals.
  2. Cash

Mr. Cooch reported that attempting to match all the cash receipts with Town Clerk logs and bank deposits has been extremely tedious. Ms. Barrett suggested that because most of the transactions are small (about 50% are $10 or under) and it may be more effective to focus our audit attention on only the large transactions.  The data for FY18-Q3 & Q4 show that the largest 20% of the transactions (those of about $100 or more), comprise over 90% of the total cash receipts.  Further work on this procedure was tabled until our next meeting.

  1. State Payments

Mr. Cooch reported using the draft procedure for reconciling payments from the State of Vermont to the Town to do the FY18-Q3&Q4 audit. It worked well and he recommended that it be approved. It was unanimously voted to approve the procedure for future use.

 

  1. Taxes

Mr. Brown reported on progress for a two part procedure for auditing income from taxes. The part for verifying the process by which the tax rate is set is nearly complete. The part for checking that tax bills are generated correctly and that tax receipts are properly recorded and deposited are yet to be done.

 

  1. Other business

The audit responsibilities assigned to each individual auditor were reviewed.  No changes were made.

 

  1. Our next meeting will be scheduled at a convenient time in January 2019.

 

  1. The meeting was adjourned at 10:26 a.m.

 

 

Respectfully submitted,

 

Linfield C. Brown

Jun 072018
 

Town of Braintree Auditors Meeting Minutes June 4, 2018   Attendees:  Tom Cooch, Lin Brown   Mr. Cooch called the meeting to order at 9:10 a.m.   No changes were made to the agenda.   The minutes of the April 11, 2018 meeting were approved.   Review work completed and remaining for FY18. Status of … Read more >>

Apr 132018
 

Town of Braintree Auditors Meeting Minutes April 11, 2018   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   1. Mr. Cooch called the meeting to order at 7:04 p.m.   2. No changes were made to the agenda.   3. Mr. Cooch was elected chair and Mr. Brown was elected secretary for the coming year. … Read more >>

Feb 272018
 

Town of Braintree Auditors Meeting Minutes February 12, 2018   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   Mr. Cooch called the meeting to order at 10:00 a.m.   No changes were made to the agenda.   The minutes of the April 3, 2017 meeting were approved.   Review work completed and remaining for FY18 … Read more >>

Mar 312017
 

NOTICE   The Auditors of the Town of Braintree will meet at 4:30 a.m., Monday, April 3, 2017, at the Braintree Town Office       AGENDA   Select chair and secretary for upcoming year Approve minutes from 8/15/16 meeting Review work completed and remaining for FY17 Procedure manuals Approval of Reserve Funds Status of … Read more >>

Aug 262016
 

Town of Braintree Draft Auditors Meeting Minutes August 15, 2016   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown   Mr. Cooch called the meeting to order at 9:35 a.m.   No changes were made to the agenda.   The minutes of the March 21, 2016 meeting were approved.   Review work completed for FY2016 Cooch: … Read more >>

Aug 112016
 

Braintree Auditors Meeting August 15, 2016 9:30 a.m.   AGENDA Approve minutes from 3/21/16 meeting Review work completed for FY16 Plan tasks for FY17 Procedure manuals Approval of General and Reserve Funds Status of Accounts Receivable and Cash Audit Procedures Other business Adjourn  

Nov 232015
 

Town of Braintree Draft Auditors Meeting Minutes November 9, 2015   Attendees:  Tom Cooch, Stephanie Barrett, Lin Brown Ms. Barrett was welcomed as our newest member, replacing Ms. Baumann.   Mr. Cooch called the meeting to order at 9:25 a.m.   No changes were made to the agenda.   The minutes of the July 20, … Read more >>

Jul 212015
 

Town of Braintree Auditors Meeting Minutes July 20, 2015   Attendees:  Tom Cooch, Lin Brown   Mr. Cooch called the meeting to order at 9:35 a.m.   No changes were made to the agenda. Ms. Baumann has resigned as auditor. Mr. Brown volunteered to be secretary.   The minutes of March 23, 2015 were reviewed … Read more >>

Jul 152015
 

NOTICE   The Auditors of the Town of Braintree will meet at 9:30 a.m., Monday, July 20, 2015, at the Braintree Town Office AGENDA Review of the agenda Approve minutes from 3/23/14 meeting Discuss remaining tasks for FY15 Future professional audits Procedure manuals Approve format Establish timeline Other business Adjourn