Town audit delay: FY23 audit still outstanding; FY24 work awaiting FY23 completion
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Commissioners were told the FY23 audit remains incomplete due to issues at the prior auditor; the FY24 audit work is underway but cannot be finalized until FY23 is closed. The town has engaged Roselli Clark for audit work going forward.
The Finance Commission was updated on the town’s external audits and told the FY23 financial audit remained outstanding nearly a year after the fiscal year closed. Staff said the prior auditor (referred to in conversation as Markham/Marcum in the meeting) has delayed delivery of final audit work for many clients, including Norwood; staff said they had pressed the firm and provided a timeline of communications.
Staff said Roselli Clark has been engaged as a new audit firm for the town and that FY24 audit work is underway but cannot be completed until the FY23 audit file is closed and the required confirmations and worksheets are provided. Commissioners were told the FY23 audit is roughly 11 months late and that the town will continue to press for delivery because filing delays could attract inquiries from rating agencies or other state reviewers.
The nut graf: audit completion is a necessary precondition for the FY24 audit and for certain compliance filings; staff are applying additional pressure on the prior auditor and coordinating with the incoming firm to finish outstanding work.
Ending: Staff will follow up with the auditors and report back; commissioners requested updates on timing given potential impacts to reporting and to interactions with rating agencies.