[Amended 1-30-2023 STM by Art. 1]
There shall be an Audit Committee consisting of five members.
The Select Board shall appoint two members, the School Committee shall
appoint one member, the Advisory Committee shall appoint one member
and the Town Moderator shall appoint one member. The Audit Committee
should be composed of individuals having financial expertise and independence
from the day-to-day operations of the Town. The committee shall elect
a Chairperson annually from its membership. The initial terms of appointment
shall be three years for the Moderator's appointment, two years for
the School Committee and Select Board appointments and one year for
the Advisory Committee appointment.
Appointments shall be for a term of three years commencing on
July 1. No member shall serve more than two consecutive terms. Any
vacancy occurring in the committee shall be filled by the appropriate
appointing body for the balance of the unexpired term.
In addition to the five voting members, the Finance Director,
the Town Manager or her/his designee, and the School Superintendent
or her/his designee shall serve as nonvoting members of the committee.
[Amended 1-30-2023 STM by Art. 1]
The committee shall serve as advisory to the Select Board with
respect to the Town's financial condition, financial management systems
and controls, annual financial audit and special audits or reviews.
The committee shall report annually to the Town its recommendations,
as deemed appropriate. Specific duties shall include, but not be limited
to:
A.
Make recommendations to the Select Board on the selection of and
scope of services for an independent auditor.
B.
Review the annual financial statements and reports prepared by the
independent auditor and make recommendations with respect thereto.
C.
Make recommendations for areas of operations where expanded scope
audits or reviews may be appropriate.
D.
Report to the Town on findings, recommendations and corrective action
taken during the preceding 12 months.
E.
Ensure independence of the auditor, while enhancing accountability
and proper stewardship over public funds.
