Appointed By: Town Moderator
The Moderator shall establish and appoint a committee of five (5) persons for staggered terms not to exceed three years to be known as the Audit Committee.
The Audit Committee shall be assisted by the Town Administrator and/or other Town employees as requested by the Audit Committee in its work.
The Audit Committee shall annually develop a scope of audit services, including the review of internal controls, to be performed by an independent licensed public accounting firm.
The Committee shall develop and administer the selection process and shall recommend to the Board of Selectmen the appointment of an independent licensed public accounting firm for the conduct of the annual audit of the Town’s financial statements.
The Audit Committee, after the Board of Selectmen has received the annual audited financial statements and Management Letter (inclusive of the internal controls review and findings), shall review and discuss the results with the Board of Selectmen and other elected Boards and Town officials as appropriate.
The Audit Committee shall report to the Annual Town Meeting on the ongoing compliance with the Management Letter and internal control recommendations.
The Audit Committee shall annually review the performance and independence of the audit firm and report to the Board of Selectmen.