Who is the Audit Committee?

The Board of Commissioners created the Audit Committee on May 23,2022 (Resolution 2022-64). It is the expectation of the Board that members of the Audit Committee share their expertise and knowledge in the area of governmental auditing and reporting standards and to use their skills to serve as a network for educating the public on the Townships financial practices and objectives.  Audit committee members will utilize their experience and knowledge of the Governmental Accounting Standards Board (GASB), auditing standards and internal control to foster the trust and stable accountability between the Township and its stakeholders.

Foundation & Purpose

• The National Commission on Fraudulent Financial Reporting (known as the Treadway Commission), has stated that an audit committee can serve as "informed, vigilant, and effective overseers of the financial reporting process and internal controls." An audit committee should perform the following functions:
• Review the annual unaudited financial report submitted by the Administration
• Periodically review the process used to prepare interim financial information submitted to the Board of Commissioners
• Publicly review audit results (to include annual financial audits, pension audits, and any other mandated audit performed on the Township's finances)
• Assure that audit recommendations are appropriately addressed
• Report at least once annually to the Board of Commissioners in accordance with their responsibilities

Generally Accepted Auditing Standards require that auditors communicate the following information to an audit committee:

• The auditor's professional responsibility under generally accepted auditing standards
• Selections of accounting policies
• Sensitive accounting estimates
• Significant or material audit adjustments
• Unresolved disagreements with management
• Difficulties encountered in performing the audit

The Audit Committee is an additional layer to enhance the Township's effort to promote transparency in financial accountability and to ensure the appropriate and proper expenditure of taxpayer dollars.

The Audit Committee consists of 3 volunteer members (serving without compensation) as appointed by the Board of Commissioners, subject to all local laws. It is the Board's goal, when filling appointments to the committee, to include such members holding a valid PA CPA license and have experience with governmental or nonprofit accounting and auditing.  In addition to the volunteer members, the Township Finance Director shall serve as a nonvoting, standing member to the Committee and shall serve as the liaison between the Committee, the Board and the Administration.

Each volunteer member will serve a term of 5 years as appointed by the Board of Commissioners.

Members

• Edward P. Caine, CPA (Chairperson)
• William Ripley
• Ryan Robbins

Committee Requirements & Responsibilities

The Audit Committee will meet at least once annually during the course of the Township's annul financial audit, typically between March and May of each year. Additional meetings, either in person or remotely, may be scheduled to accomplice the following:

• Meet with the Township Auditors annually before and at the conclusion of each audit.
• Review quarterly financial statements (including updated budget versus actual statements, statements of fund cash position, debt position, long-term financial forecast position or change in assumptions, pension funding status, OPEB Funding status, or other reports as discussed by the Commissioners or Committee)
• Review the progress of audit recommendations to the Township
• Any other projects or tasks as assigned to it by the Township Board of Commissioners

The Committee shall report to the Board of Commissioners as deemed necessary by the Board or by the Audit committee.

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