Audit fieldwork will be designed to provide reasonable assurance that the financial statements are free from material misstatement. In performing the audit, the auditor shall follow governmental auditing standards as set forth by the US Comptroller General "Yellow Book" as well as any audit requirements identified as necessary under any present or future laws. Audit field work shall begin in a timely manner to ensure the audit shall be completed and draft financial statements available by the end of October. During field work, the independent auditor shall meet with Town staff to evaluate internal controls and technical competencies. All employees will be directed to assist the chosen auditor in any and every way possible. It is expected that Town employees will retrieve all documents selected by the auditor for evaluation. Employees will also work with the auditor, as necessary, to analyze all account balances and account activity. The Auditor shall meet with the Treasurer and Selectboard (or their designee) to discuss audit plans, expectations and progress; prior to audit field work, mid-way through audit field work and upon completing audit field work (exit conference). The Auditor shall provide comments and recommendations relating to all audit findings and make themselves available to answer questions of the Selectboard. When needed, the Auditor shall perform an audit of State and Federal Grants as per the “Single Audit” circular OMB-A133 as required. The cost of this work, if needed, will be determined prior to its commencement.
