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t <br /> 2 <br /> Board of Selectmen <br /> Minutes <br /> July 18, 2005 <br /> APPOINTMENTS AND HEARINGS: <br /> Auditors—Sullivan, Rogers& Company—Exit Interview: <br /> Dan Sullivan and Chris Rogers of Sullivan, Rogers & Company discussed <br /> their independent auditors' report on basic financial statements relative to <br /> governmental activities, each major fund and the aggregate remaining <br /> fund information of the Town of Mashpee for fiscal year 2004. <br /> In their opinion, the financial statements of the respective year conform to <br /> generally accepted accounting principals. Mr. Rogers highlighted the <br /> financial analysis which is comprised of the following three components; <br /> government-wide financial statements, fund financial statements and notes <br /> to the basic financial statements. <br /> The management letter detailed comments and recommendations that <br /> would present opportunities for the Town to strengthen internal controls <br /> and improve operational efficiencies. Recommendations for improvement <br /> include the preparation of formal policies and procedures manuals relative <br /> to all financial functions and processes. It was noted the Town is in the <br /> process of creating such manuals. <br /> Also, it was recommended that management develop and implement a <br /> fraud risk assessment program to identify, analyze and manage the risk of <br /> misappropriation. Additional suggestions were related to the septic loan <br /> program through the Water Pollution Abatement Trust(MWPAT). <br /> Recommendations were identified to strengthen internal controls over <br /> loans receivable and financial reporting. Receipts received from MWPAT <br /> were recommended to be recorded as proceeds from long-term debt. The <br /> full amount of the loans receivable should also be recorded on the general <br /> ledger when Barnstable County has notified the Town that funds have <br /> been loaned to residents. <br /> It was also recommended the Treasurer/Collector's Office implement <br /> procedures to perform all bank reconciliations no later than 30 days after <br /> the end of the previous month. <br /> Of additional note was the GASB Statement#40 regarding investment <br /> credit limit disclosure and the GASB Statement#45, a future requirement <br /> related to post employment benefits. *For informational purposes, the <br /> Selectmen requested further information regarding the GASB update. <br /> i <br />