Wellfleet officials established up approach to resolve accounting deficiencies

WELLFLEET — A strategy has been put in location by town officers to try to handle the issues elevated and suggestions built by the Powers and Sullivan firm just after an audit it done confirmed a number of weaknesses in the town’s accounting practices.

A spreadsheet listing the auditors’ recommendations, how the town plans to address them, the stakeholders involved, and a timeline for action is now available to the public on the town’s web-site.   

The crucial tasks described in the audit have been prioritized with action ideas and schedules, Interim City Administrator Charles Sumner instructed the Find Board at a assembly very last week. “Our target is to work on it day by day,” he mentioned. 

The audit received on May 3 indicated a number of weaknesses in the town’s accounting techniques. Powers and Sullivan gave 15 recommendations to right the weaknesses, the most harmful of which was the material weak point in the dollars reconciliation procedure. Monthly reconciliations  between the treasurer’s workplace, accounting business and the financial institution the city works by using hadn’t been done for more than a year, leaving the city vulnerable to theft.

Interim accountants required

Sumner has employed Lisa Soave and Mary McIsaac as interim accountants who will wage a two-pronged strategy to address the deficiencies. Sumner referred to as the two “seasoned, professional, Massachusetts municipal finance officials.” 

Wellfleet is predicted to want them, based mostly on the audit.  

Soave will operate with office heads to generate a chart of accounts tailor-made to their requires. A chart of accounts offers a breakdown of the economical transactions performed in a specific time body, these types of as a fiscal yr. This will be a device for them to handle their departments, providing the monetary info they need, Sumner explained.