FY21-22 Audit Report Is Now Available

The Fiscal Year 2021-2022 Financial Audit is now complete, pending final submission to the state. The audit includes a single material finding related to the failure to close the Town’s financial reporting system within a reasonable timeframe and perform year-end bank reconciliation. The audit recommends that the Town develop, document, communicate, and monitor a financial closing process in order to facilitate and effective monthly close as well as a year-end close. As the audit notes, this is important because the Board of Selectmen and Board of Finance rely upon the accuracy of monthly reports to manage operations. The audit attributes this finding to turnover and lack of staffing resources.

With this audit complete, the Town is beginning work on the Fiscal Year 22-23 audit which covers the period from July 1, 2022 to June 30, 2023. It is important to note that this audit will cover the most significant period of disruption to the finance office following the departure of its longtime Chief Financial Officer, the bifurcation of the Town and Board of Education into separate finance departments, the complete turnover of staff on the Town-side finance department, and the transition across multiple finance directors. Work on this audit is underway now. It is critical that the Town ensure timely submission of the FY22-23 audit so we can return to compliance with the State Office of Policy and Management.

The 2021-2022 audit report is available below.