A Good Audit

I'm not a trained accountant, but I once served as Chief Financial Officer of a private equity fund and as government contracts officer of two different companies. I have been through audits before, and was beginning to lose confidence in the vigor of the town's recent audits.

Last summer, when I learned we would be able to hire a new auditor to review the town's accounts and procedures for the fiscal year that just ended, I called for a special board meeting to change auditors. We don't yet have the written results, but preliminary indications are that our new auditor is doing a fine job. He has already uncovered a number of areas where the town's procedures did not meet the requirements of NC general statutes, and other areas where he has suggested improvements.

A good audit is not one that takes a cursory look at the books and declares "you have no serious deficiencies." Rather it is one that takes a thorough, probing look and makes concrete suggestions. We are undergoing a good audit. I look forward to the written report.