Newly selected auditing firm Trice, Geary & Meyers reported a “clean opinion” at the annual Audit Committee meeting Tuesday, Aug. 2.
The report, which included a balance sheet, a summary of accounting policies and supporting schedules and recommendations to the town accountant on strategic options, confirmed that all financial statements of the town conformed to standard accounting principals. The report offered no criticisms or recommendations for changes.
This was the first year the firm handled the town’s auditing, and according to Chairman Donald Doyle, “they did an excellent job.”
“I have never read an audit report that was better structured and easier to read,” Doyle said. “Not only were the numbers clear but the draft of the report, the explanations, and the theme made it one of the most interesting reports I’ve ever read.”
Trice, Geary & Meyer, based out of Salisbury, Md., was selected earlier this year because of communication difficulties with the previous firm. Doyle said the firm’s close proximity allowed them to be more responsive to the needs of the town.
This year the firm was required to follow the guidelines established by the Government Accounting Standards Board, which towns nationwide must now conform to for the purpose of comparison.
“Now the order of all financial information will be in the same sequence,” Doyle said. “It’s a far more superior way of reporting.”
The firm did, however, use both the original and new methods in their audit report.
Doyle said the committee will present the report to the town council at the next monthly meeting. The report will also be available for the public to read online.