The Audit Advisory Committee, as authorized under Article 23A of the Town of Natick By-Laws, has the following roles:
The Audit Committee shall serve as advisor to the Board of Selectmen with respect to the town's internal auditing, financial systems and independent annual audit. Specific duties shall include, but are not limited to, the following:
(1) Make recommendations to the Board of Selectmen on the selection of, and scope of services for, an independent auditor.
(2) Review the annual financial statements and management reports and make recommendations with respect thereto.
(3) Make recommendations for areas of operations where expanded scope audits or review of the internal controls may be appropriate. Note that this provision is not intended to conflict with or supersede similar authority of the Finance Committee under Article 23, section 5 of the Town By-Laws.
(4) Review and make recommendations with respect to the Town's internal auditing and financial controls; through the Town Administrator, review with appropriate boards and departments’ opportunities to improve such controls.
(5) Report to the Board of Selectmen on the status of recommendations the Committee, town financial staff and/or independent auditor has made during the preceding twelve months.
(6) Submit a summary of their work for the preceding calendar year for inclusion in the Town’s Annual Report.
Members serve three year terms. The membership of the committee is comprised of:
- One (1) representative of the Board of Selectmen (appointed by the Chair of the Board of Selectmen)
- One (1) representative of the Finance Committee (appointed by the Chair of the Finance Committee)
- One (1) representative of the School Committee (appointed by the Chair of the School Committee)
- Two (2) at-large members (appointed by the Board of Selectmen)
The at-large members shall not be a member of another board or committee, or an officer, official or paid employee of the Town. All members of the Audit Committee shall have, at a minimum, a working familiarity with basic finance and accounting practices; appointments should be made to provide that at least two members of the Audit Committee be Certified Public Accountants or otherwise have accounting or related financial management expertise; ideally that expertise shall be in municipal or not-for-profit finance.
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