There shall be an Audit Committee consisting of six resident voting members, with appointment not restricted to the ranks of the appointing bodies. The Select Board shall appoint one member, the Advisory Committee shall appoint one member, the School Committee shall appoint one member and the Town Moderator shall appoint three members. The membership shall elect a Chair annually from among their number. Appointments shall be for a term of three years. All terms shall expire on August 31. Any vacancy occurring in the Committee shall be filled by the appropriate appointing body for the balance of the unexpired term.
In addition to the six voting members, the Director of Finance, the Comptroller, the Superintendent of Schools or their designee, and the Town Administrator or their designee, shall serve as nonvoting members of the Committee.
The Committee shall serve as an advisor to the Select Board with respect to the Town's financial condition, financial management systems and controls, and annual audit. In addition, the Committee shall report to Town Meeting as the Committee sees fit on matters within the scope of Town Meeting's concerns. Specific duties shall include but are not limited to the following:
A.
Make recommendations to the Select Board on the selection of, and scope of services for, an independent auditor.
B.
Review the annual financial statements and reports prepared by the independent auditor and make recommendations with respect thereto.
C.
Make recommendations for areas of operations where expanded scope audits or reviews of the internal controls may be appropriate.
D.
Review and make recommendations with respect to the Town's financial management practices and controls.
E.
Report to the Annual Town Meeting on the recommendations the Committee has made during the preceding 12 months.