New Canaan re-hires firm for annual audit
Published 7:54 am, Sunday, September 7, 2014
For the third consecutive year, O'Connor Davies, a certified public accounting and consulting firm, will perform the annual independent financial audit for the town and Board of Education, following Town Council approval Aug. 27.
The company will audit the town's financial statements, each major fund and the aggregate remaining fund information for the 2013-14 fiscal year.
This will be the first year when the town will have an audit committee, which was established in the spring, working with the auditors. One of the committee's roles is to meet with the independent auditors during the annual review period to discuss the audit plan and the town's annual financial statements.
The committee is expected to have its first meeting early this month, Councilman Steve Karl said.
The audit will cost $66,000, which is shared with the Board of Education, and is up $2,000 from last year.
Finance Director Dawn Norton told the Town Council that O'Connor Davies likely would come to New Canaan between Oct. 27 and Nov. 21 to perform the audit.
The latest audit report, released in March, showed the town's accounting practices are "much better" than they used to be, despite minor procedural issues.