Ad Hoc Audit Committee

CITY OF NORWALK ADHOC AUDIT COMMITTEE TUESDAY, JULY 31, 2012 ATTENDANCE: Carvin Hilliard, Chairman Finance Committee, Friedrich Wilms, Chairman Board of Estimate & Taxation, Nate Yordon, ADHOC Audit Committee Chairman CITY STAFF: Thomas Hamilton, Finance Director; Frederic Gilden, Comptroller, Elio Longo COO School System, Donna Vaccarella, School System, OTHERS: Scott Bassett & Lauren Davis, City’s Independent Auditor McGladrey & Pullen LLC, Bruce Kimmel, City Common Council The meeting started at 6:00 PM STATUS OF CURRENT AUDIT FOR THE YEAR ENDING JUNE 30, 2012 Scott Bassett began the meeting by addressing the audit. He stated as requested by the audit committee there will be change in the audit manager. The audit committee requested a change last year because they felt the previous manager was on the engagement a number of years and it was time to get another set of eyes doing the audit. Mr. Bassett introduced Lauren Davis who will be the manager and said Michael Scalia will be the supervisor. Scott Bassett went on to say that there were no new GASB standards this year as there was last year when GASB 54 came out. He asked if there were any new programs this year. The committee discussed FEMA reimbursements as a possible area of audit. Mr. Hamilton started discussion on the Board of Education and he Mr. Longo outlined the Board of Education budget issues in fiscal year 2012. Mr. Hamilton then went over the BOE insurance deficit he and Mr. Wilms relayed what we will do about it. They will pay the deficit off in three fiscal years. Then there was discussion about the audit of the board of education to review the issues. Mr. Yordon felt that the scope should be clear and address what we specifically want accomplished. The committee wanted to make sure the process be addressed. It was agreed that the audit should be performed by other than the current auditor of our financial statements and Mr. Bassett agreed. The staff was excused and the committee met directly with Mr. Bassett as is customary. The meeting was adjourned Respectfully Submitted, Frederic J. Gilden Comptroller