[HISTORY: Adopted by the Annual Town Meeting of the Town
of Easton 6-6-2005 by Art. 27.
Amendments noted where applicable.]
A.
There
is hereby established an Audit Committee consisting of five members.
Such members shall include: one current member from each of the Select
Board, Finance Committee and School Committee, appointed as determined
by the Chair of the respective board or committee; plus two at-large
members appointed by the Select Board. The at-large members shall
not be a member of another board or committee, or an officer, official
or paid employee of the Town. All members of the Audit Committee shall
have, at a minimum, a working familiarity with basic finance and accounting
practices; appointments should be made to provide that at least two
members of the Audit Committee be Certified Public Accountants or
otherwise have accounting or related financial management expertise.
[Amended 5-20-2019 ATM by Art. 21]
B.
Audit
Committee members appointed by the Select Board shall serve for a
term of two years, except that one of the initial appointees shall
serve for a term of three years, thereby providing that one such member's
term will expire on a annual basis. All other members shall serve
a term of one year. Any vacancy occurring in the Audit Committee shall
be filled by the appropriate appointing authority for the balance
of the unexpired term. Terms shall coincide with the fiscal year,
i.e. effective July 1 and expiring June 30, to correspond with the
period of time for which the town's audits are conducted.
[Amended 5-20-2019 ATM by Art. 21]
C.
At
the first meeting after the start of each new fiscal year, the Audit
Committee shall conduct an organizational meeting to elect from its
members a chair, a vice-chair and a secretary.
[Amended 5-20-2019 ATM by Art. 21]
The Audit Committee shall serve as advisor to the Select Board
with respect to the town's financial management systems and controls
and annual audit. In addition, the Audit Committee shall make an annual
report to the Town on matters within the scope of its jurisdiction.
Specific duties shall include, but are not limited to, the following:
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 management reports prepared by
the independent auditor and make recommendations with respect thereto.
C.
Make
recommendations for areas of operations where expanded scope audits
or review of the internal controls may be appropriate.
D.
Review
and make recommendations with respect to the Town's financial
management practices and controls; through the Town Administrator,
review with appropriate boards and departments opportunities to improve
such practices and controls.
E.
Report
to the Select Board on the status of recommendations the Committee
and/or independent auditor has made during the preceding twelve months.
F.
Submit
a summary of their work for the preceding calendar year for inclusion
in the Town's Annual Report.
