12/03/2020 FINANCE COMMITTEE Minutes

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5 Finance Committee Minutes December 3, 2020 NEW BUSINESS Presentation from Town Manager: Discussion of Annual Audit: Review of past processes for determining Audit: Dawn Thayer, Finance Director and Craig Mayen, Treasurer/Tax Collector were present to review past practices for determining the Independent Auditor's Report. Mrs. Thayer indicated the annual audit is not subject to Ch. 30B procurement laws. Since 2016 the auditing firm of CliftonLarsonAllen has conducted the Town Audit. This firm is currently contracted with the Town through FY21 until June 30, 2021 for services associated to the FY20 audit. The cost of the annual audit is $47,000. The quote for services has not increased substantially in the past three years. It is a solid practice to solicit auditors in 2-3 year intervals. Three years is common, and this firm due to their favorable history with the Town of Mashpee received a one-year extension of services. It was recommended the Finance Committee move forward to consider securing the services of an auditor in advance of the contract expiration. With the engagement of a new firm there may be additional costs to review the management, outlays and requisites of the Town. The Finance Committee has the option to go to bid for this service. The Finance Director and Treasurer/Tax Collector offered to serve on a subcommittee to give advice in terms of desirable attributes for services and offerings to benefit Mashpee that would be addressed in the RFP. With regards to the performance of the current auditing team there is strong communication and availability for advice and direction with no additional charges for guidance. CliftonLarsonAllen also takes the extra initiative to ask if there are any areas that would require a special audit or an in-depth review of risks and changes, etc. to ensure all principles and practices are adhered to with recommendations for modification if necessary. This firm has been very accommodating to Mashpee's needs, and the annual quote for services is deemed reasonable. There were no negative comments regarding the services of CliftonLarsonAllen. When selecting an auditing firm it is necessary for the company to have experience in governmental accounting with a keen understanding of the Town's software. A mutual understanding is advantageous to move forward in the proper direction for the benefit of the Town. As an example, the current auditing firm implemented a Treasury Management model for the Town that served as a template for inquiring like communities. The software company gave input into the set up, and it has proved to be a valuable tool for Mashpee.