The Audit Committee is established pursuant to Article 7,
section 7-9 of the Town of Longmeadow's Charter....
Section 7-9 Audit Committee
There shall be an audit committee consisting of five members
appointed, by the select
board, for terms of three years, so arranged that as nearly an
equal number of terms as
possible shall expire each year. The audit committee shall review
annual financial
statements of the town financial offices; and review the independent
auditor’s
management recommendations; provide advice and counsel to the
select board, town
manager, town accountant, and treasurer.
Purpose
- To increase public confidence and trust in the operations
of town government.
- To instill accountability, integrity, and efficiency in the
financial operations of the Town of Longmeadow.
- To support town government efforts to comply with those laws
and regulations by which the town is governed.
The Audit Committee (AC) will:
- Consist of five (5) members appointed by the Select Board
for staggered three-year terms.
- Be advisory to the Select Board, School Committee, Town Manager
and Finance Director.
- Utilize the Finance Director as the liaison for resources
which the Committee needs to do its review and study work..
- Report at least quarterly to the Select Board.
- Be evaluated annually by the Select Board.
- Be non-budgeted and obtain essential clerical needs from
the Department of Finance and Administration.
Qualifications of Members
- Professional experience in Accounting, Finance, Law or General
Management a requirement.
- No officer of the town or member of any board, commission
or other committee of the town, whether elected or appointed,
and no town employee or school employee, shall be a member of
the audit committee and none should have served in any of these
capacities for at least 12 months prior to appointment.
- Shall become familiar with and maintain a familiarity with,
town government laws, regulations and pending legislation which
may impact the town.
Scope of Responsibility
From the strategic position of a model town government :
- Manage the relationship with the external auditor.
- Ensure the quality of financial reporting.
- Oversee regulatory compliance.
- Work with the internal audit function.
- Monitor management's handling of internal controls and risk
management.
- Monitor the town's ethics procedures.
Role
The committee shall provide advice and counsel to the Select
Board, School Committee, Town Manager and Finance Director, including
recommendations regarding policies and procedures.
The audit committee shall review the annual financial statements
of the town financial offices, and the independent auditor's
management recommendations.
Data, information and additional research needed by the committee,
will be coordinated with the Town Manager or other staff personnel
assigned to work with this committee
Duties of the Audit Committee
- Recommends and evaluates the independent auditor for the
town.
- Encourages and recommends an audit plan based on a town-wide
(including schools) risk assessment developed by department heads
and the town manager.
- Reviews annual financial statements of the town financial
offices and the independent auditors financial recommendations.
- Reviews the efficacy of internal fiscal controls and encourages
corrective action on those control or accounting issues identified
in the independent accountant's "management letter".
- Reviews the Town's bonded indebtedness and make recommendations
for maintaining desired bond rating.
- Recommends the use of special counsel or experts to assist
in study work.
- Is a resource to the Select Board and School Committee on
financial issues.
- Surfaces opportunities for cost and efficiency improvements.
- Orients new members and encourages continued education of
its members.
Current membership is:
Ernest Welker, Chair Person
Glenn Rosenberg, Vice Chair Person
Larry Eagan, Secretary
Paul D. Smith
Ray McCarthy
The Committee has two vacancies for 1-year-term Associate
(non-voting) members. Residents with relevant experience are
invited to apply. Contact the Town Manager's office.
