There shall be an Audit Committee consisting of five members. The Board of Selectmen 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 Selectmen 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.
The committee shall serve as advisory to the Board of Selectmen 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:
Make recommendations to the Board of Selectmen on the selection of and scope of services for an independent auditor.
Review the annual financial statements and reports prepared by the independent auditor and make recommendations with respect thereto.
Make recommendations for areas of operations where expanded scope audits or reviews may be appropriate.
Report to the Town on findings, recommendations and corrective action taken during the preceding 12 months.
Ensure independence of the auditor, while enhancing accountability and proper stewardship over public funds.