As used in this chapter, the following terms shall have the
meanings indicated:
FINANCIAL EXPERT
An individual who has substantial audit experience in the
corporate or government sectors and who possesses or obtains a basic
understanding of governmental financial reporting and auditing.
MANAGEMENT
Any Town officer or employee of the Town or Board of Education.
TOWN BODIES
Collectively, the Town Council, the Board of Selectmen, the
Board of Finance and the Board of Education.
There shall be an Audit Committee of five members who shall
be electors of the Town and who shall each be a "financial expert."
The members shall serve without compensation and shall hold no other
office of trust or emolument in the Town government or serve on any
other committees of the Town government. No member may accept any
consulting, advisory or other compensatory fee from the Town, nor
shall a member have had any material financial relationship (i.e.,
any transaction involving $5,000 or more in any year) with the Town
in the three years prior to appointment to the Committee.