Audit Advisory Committee
Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval.
About the Committee
On May 22, 2006, the Select Board established an Audit Advisory Committee to assist them in their oversight of the annual financial audit.
Consistent with the provisions of the Town of Winchester Home Rule Charter, the Audit Advisory Committee shall lead the annual audit process by facilitating communications among the Select Board, the audit firm and management of the Town. The Audit Advisory Committee shall make recommendations to the Select Board relative to the selection of an audit firm, the scope of the engagement and implementation of the audit. The Audit Advisory Committee shall have access to all records and information made available to, or submitted by, the audit firm and will take those steps and precautions necessary to protect the confidentiality of such material as directed by the Select Board. The Audit Advisory Committee shall produce a report annually to the Select Board documenting the audit process and results, making any recommendations for consideration in developing governmental policy and the adoption of financial policies for prudent fiscal management. Aspects of the report may be confidential to protect the interest of the Town.
The committee shall consist of the following members:
- Three citizens with expertise and experience in accounting, auditing, financial management, and financial reporting. Appointed for 3-year staggered terms
- Two members of the Select Board
- One member from the School Department (per Select Board amendment June 18, 2012)
- Comptroller (ex-officio, non-voting)
- Town Manager or designee (ex-officio, non-voting)
- Treasurer (ex-officio, non-voting)
In meeting this charge, it is expected that the Audit Advisory Committee will conduct the following responsibilities:
- Conduct a periodic selection process for an independent auditing firm, including the development of a Scope of Services and Request for Proposals. Provide a recommendation to the Select Board for selection of a firm, including the terms of the engagement.
- Become familiar with current issues and trends in municipal finance and accounting, including the Governmental Accounting Standards Board (GASB) initiatives and directives.
- Facilitate communications among staff, the Select Board and the audit firm to ensure a productive and effective audit process.
- Coordinate a review of the completed audited financial statements and related financial management issues for the Select Board.