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AUDIT COMMITTEE MEETING <br /> 1-5-86 <br /> Present were Jim O' Leary Chairman Fin Com, Don Allen Vice Chairman <br /> FinCom, Russell Graham Board of Selectmen, John Silvaggi ,Beth Klepeis, <br /> Dewey Smith, Richard Foley , Ron Winslow, Pete Hechenbleikner , and <br /> two representatives of Arthur Anderson & Co. The single audit <br /> report , management . letter , and audit report were reviewed.. By motion <br /> of Russell Graham, and seconded by John Silvaggi , it was unanimously <br /> recommended to the Board of Selectmen that an actuarial study by <br /> prepared to determine the unfunded pension liability. <br /> The consensus was that a formalized audit committee should exist . <br /> This will be reviewed by the Finance Committee for recommendation <br /> to the Board of Selectmen. <br /> Arthur B. Anderson requested that the Town consider increasing <br /> their audit fee for 1987to a figure not to exceed $45,000. , <br /> billed at a rate of 50% of actual costs . The fee for 1985 and <br /> 1986 is $35,000 each year . The cost in 1986 exceeded $98 ,000. , <br /> which normally would have resulted in a bill of $49 ,000. Some <br /> of the costs related to this audit were one time costs . due to . <br /> setting up the single audit process . Anderson normally bills <br /> municipal clients at a rate of 50% of what their fee for other <br /> clients :would be. They indicated that 10 to 15 percent of the <br /> costs of the audit is a single audit . They will provide us with <br /> a breakdown of what the auditing costs related to the enterprise <br /> systems are, so that they can be charged directly to the enter- <br /> prise system. <br />