Audit Committee 062508

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Town of Nantucket  Audit Committee Meeting  Minutes – Audit Committee Meeting June 25, 2008   Present: Mr. James Kelly, Ms. Patricia Roggeveen, Ms. Connie Voges, Ms. Libby Gibson, and Mr. Malachy Rice  Absent: Mr. Michael Kopko  Also present: Mr. Mark Abrahams, Mr. Whiting Willauer, Mr. Rick Atherton, Ms. Irene Larivee, and Mr. Craig Abernathy  1.  Call to Order; Ms. Roggeveen motioned to call the meeting to order.  Mr. Kelly seconded the motion.  2. Announcements and Updates: Craig Abernathy was introduced to the Audit Committee as the new Executive Assistant to the Finance Director.  3. Progress Report on Fiscal Year 2006 and 2007 Audits:  The status of the 2006 audit remains unchanged.  There have been some responses to the draft audit.  Ms. Voges reports that her primary focus is on the 2007 audit.  At this time there is no draft audit for 2007.  The manager for the audit from Powers and Sullivan will be on vacation until July 7, 2008.  Ms. Voges indicated that she will follow up in a phone call to determine if anyone will be working on the audit during that time.  The expectation is that there will be little if any progress on the audit  the time that the manager is out of the office.  Ms. Roggeveen asked about impacts on the timetable and Ms. Voges advised that she is unable to predict accurately the timetable for work performed by the auditors.  Ms ...
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TownofNantucketAuditCommitteeMeetingMinutesAuditCommitteeMeetingJune25,2008Present:Mr.JamesKelly,Ms.PatriciaRoggeveen,Ms.ConnieVoges,Ms.LibbyGibson,andMr.MalachyRiceAbsent:Mr.MichaelKopkoAlsopresent:Mr.MarkAbrahams,Mr.WhitingWillauer,Mr.RickAtherton,Ms.IreneLarivee,andMr.CraigAbernathy1.CalltoOrder;Ms.Roggeveenmotionedtocallthemeetingtoorder.Mr.Kellysecondedthemotion.2.AnnouncementsandUpdates:CraigAbernathywasintroducedtotheAuditCommitteeasthenewExecutiveAssistanttotheFinanceDirector.3.ProgressReportonFiscalYear2006and2007Audits:Thestatusofthe2006auditremainsunchanged.Therehavebeensomeresponsestothedraftaudit.Ms.Vogesreportsthatherprimaryfocusisonthe2007audit.Atthistimethereisnodraftauditfor2007.ThemanagerfortheauditfromPowersandSullivanwillbeonvacationuntilJuly7,2008.Ms.Vogesindicatedthatshewillfollowupinaphonecalltodetermineifanyonewillbeworkingontheauditduringthattime.Theexpectationisthattherewillbelittleifanyprogressontheauditduringthetimethatthemanagerisoutoftheoffice.Ms.RoggeveenaskedaboutimpactsonthetimetableandMs.Vogesadvisedthatsheisunabletopredictaccuratelythetimetableforworkperformedbytheauditors.Ms.Roggeveenproposedthatapapertrailbecreatedshowingthattheauditorsarecurrentlynotmeetingtheproposedtimeline.Thispapertrailwouldbevaluablewhencreatinganewcontractwiththeauditors.Ms.RoggeveenindicatedthatshethinksitisveryimportantfortheFinanceDepartmenttocontinueto“audittheiraudit.”Ms.VogesreportedthattheresponsibilityfornotmeetingthetimelinelieswithboththeFinanceDepartmentandPowersandSullivan.Ms.Roggeveenhopestoimprovethedefinitionoftimetablesoncethe“dustsettleson2006.”Mr.Kellyspokeabouthis
Minutes – Finance Committee June 28, 2007Page 2 of 3 hopestoclarifythetimelineandclarifyexpectationsbybothparties.Hesaidthetimetoagreeonanewtimetablewouldbewhennegotiatinganewcontract.Inrespecttothe2006and2007audits,Mr.KellydoesnotbelievethattheTowncandomuchtoexpeditetheprocess.HebelievesthattheTowncanbettermanagetheauditorsbycreatingveryspecificmilestoneswhendiscussingfuturetimelinesandexpectations.Mr.Ricehighlightedtoday’sphonecallwithPowersandSullivan,scheduledfor4PM.Thepurposeofthephonecallistofindout“whereweare.”Duringthephonecalltherewillbeadiscussionofdeadlinesfordraftsandsubmissions.HesuggestedthatPowersandSullivanputintowritingtheirdeadlines,giventheimportanceofthesituation.4.ResponsetoDepartmentofRevenueLetter:Mr.RiceintroducedthedraftresponsetotheDepartmentofRevenue(DOR)letter.Hesaidthattodayhehopedtofinalizeacoupleofitemsfortheletter.Thesewerethedatesforsubmissionofthe2007auditandmilestonesformovingforwardin2009.Specifically,theletterfocusesonhowthemanagementletterissuedin2005willbeaddressed.Otherissuesdiscussedintheletterarestaffing,implementingtherecommendationsofPowersandSullivan,andtheAbrahamsGroupInternalControlandOrganizationalStudy.Thegoalistostart2009clean,andbegintheimplementationoftherecommendationsofPowersandSullivaninJulyandAugust.Othergoalsincludeddevelopingaworkplanforthe2008audit,managingtimelines,andmonitoringimprovements.Mr.Kellyofferedadviceonhowtoimprovetheresponse.Thatadviceincludednamingthevacanciesthathavebeenfilled,andthenlinkingthatactiontotherecommendationspreviouslyputforward.Headvisedthatthelanguageofthelettershouldbemoreprecise,reflectingaction.Mr.Kellysaidthathewouldlikethelettertocreateatoneoratmosphereofimprovement.HealsorequestedthattheletterdemonstratetheTown’seffortinregardtothebankingchanges;directdepositandcashreconciliation.Ms.Gibsonagreedthatahigherlevelofdetailwouldbepreferred.Mr.Athertonaskedwhowouldbesigningtheletter,andMs.Gibsonrepliedthatshewouldbesigning.Afterdiscussion,itwasdecidedthattheChairmanoftheBoardofSelectmen(BOS)shouldsigntheletter.Thegoalofthisapproachistobuildconfidenceintheprocess,asitreflectsapprovalatalllevels,i.e.AuditCommitteeapproval,BoardofSelectmen(BOS)unanimousapproval.ThiswouldallowforaBoardofSelectmenapproachtotheresponse.Therewassomeconcernaboutthetimelinessofthisdevelopment,butitwasdecidedthatadraftwouldbeprovidedfortonight’smeeting.TheletterwouldshowapprovalbytheAuditCommittee,besignedbyMichaelKopko,th andgoouttoDORonFriday,June27 .Thedraftschedulewillbeincludedasanattachmenttotheletter,perBarbaraDakin’sinstructions.
Minutes – Finance Committee June 28, 2007Page 3 of 3 5.DiscussionofOrganizationalStudyandReviewofInternalControls:Mr.AbrahamshighlightedthegoalsoftheOrganizationalStudyandReviewofInternalControls.TwentyemployeesfromtheFinanceDepartmentwillbeinvolvedinthestudy.Thestudywillbecomposedoftwophases.Ameetingtodaywillexplainthescopeofthestudy.Amajorgoalofthestudywillbetodeterminewhodoeswhattogetthingsdone.Cashistobereconciledandquarterlycashreconciliationreportsaretobesubmittedtothebureau.ThetimelysubmissionofScheduleAandthecombinedbalancesheetarealsomilestonesforthedepartmenttomeet.Therewillbeastartupmeetingtoday.Reviewofmaterialwillbeginalmostimmediately.Interviewsofeachdepartmentmemberwillbeginnextweek.InterviewswithAirport,Water,DepartmentofRevenue,PowersandSullivan,andtheBoardofSelectmenwillalsotakeplace.st AnewcashreconciliationprocedurewillgointoeffectonJuly1 ,2008.NewrequirementswillalsoresultinmoretimelypostingstotheGeneralLedger.ImprovedpostingstotheTreasurer’sCashbookandtheGeneralLedgerwilleliminatewhatMr.AbrahamsandPowersandSullivanconsidertobe80to85percentofthe“problems.”PowersandSullivanwillalsoconductinterimreviews.Oneproposedinterimreviewwillfocusontheimplementationofthenewcashreconciliationprocedure.Assessingtheorganizationandoperationsoffinancialfunctionsisattheheartofthestudyfromanorganizationalpointofview.Thisstudywillfocusonthefunctionalintegrityoftheorganization,thestaffingoftheorganization,internalandexternalcommunications,andcontrols.DraftfindingsandrecommendationswillcomefromtheAbrahamsGroup.Afinalreportwillbeth broughtforthbyAugust29 ,2008.Mr.Kellyexpressedconcernthattheemployeeinterviewprocesscouldresultinnegativeventing,andadvisedthatasystemshouldbeinplacetoaddressthisissue.TheunionpresidentandaHumanResourcesrepresentativewillbepresentatthemeeting.Ms.VogesaskedMr.AbrahamsaboutplanstocomparethesizeoftheTownofNantucketwithothermunicipalities,andhesaidthatsuchacomparisonisoneresourceheplanstouseintheevaluationprocess.ThescopeofworkdocumentandtheJobAssessmentQuestionnairewillbeavailableattheBoardofSelectmenmeetingtonight.6.DateofNextMeeting:RepresentativesfromPowersandSullivanaswellastheAbrahamsGrouphavebeenth invitedtoparticipateinthenextmeetingbeingheldonWednesday,July9 ,2008at9:00AMintheTownHallConferenceRoom.7.AdjournmentMs.Roggeveenmadeamotiontoadjournwhichwas“somoved”byMr.Kelly.
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