PRESS RELEASE – Supervisor George Hoehmann today announced the creation of an independent Audit Committee to help continue the Supervisor’s fiscal responsibility and reform agenda. The three-member panel will consist of experts in accounting, finance or both and not be compensated.
“Since taking office I, along with the town board, have cut government spending, reduced borrowing, and have provided much needed property tax relief for the first time in over 30 years,” said Supervisor Hoehmann. “The creation of this independent audit committee to advise the Town Supervisor and Comptroller is yet another step on the road of financial reform and stability.”
The members of the committee will be nominated to two-year terms and shall:
(1) advise, where appropriate, on the selection of a firm of certified public accountants to perform the required annual audit of the Town’s accounts;
(2) Review the audit scope to be performed by the selected firm of certified public accountants.
(3) Meet with the Supervisor, Comptroller and certified public accountants at completion of audit to review audited financial statements and review audit firm’s recommendations for improvement of internal control.
(4) Follow up on Town’s implementation of auditor’s recommendations which are considered practicable.
(5) provide counsel on the selection of the actuarial firm to perform the actuarial evaluation required by GASB45;
A public hearing on the creation of the Audit Committee is scheduled for January 31, 2017.