Audit Committee holds organizational meeting
The Unicoi County Commissions Audit Committee held its first meeting on Tuesday, Feb. 10, at the Unicoi County Courthouse.
Previously appointed to serve on the committee were Rob Stromberg, Ken Kiesel, John Harris, Karen Bailey and former commissioner Dr. James Mickey Hatcher. All members were in attendance at the meeting. Also in attendance at last weeks meeting were County Mayor Greg Lynch, Commission Chairwoman Marie Rice and County Finance Director Phyllis Bennett.
The Unicoi County Commission passed a resolution establishing the Audit Committee in March 2014. According to the resolution, which is based on T.C.A. 9-3-405, the Audit Committee is to provide independent review and oversight of the countys financial processes and the countys internal controls, a review of the external auditors report and follow up on managements corrective action, and compliance with laws, regulations and ethics.
The resolution also stipulates that the Audit Committee be made up of five members all of whom have financial experience and knowledge.
While committee members need not be accountants, they should possess sufficient knowledge and experience in finance, business and account to discharge the committees duties, the resolution states.
Last weeks meeting was described as the committees maiden voyage by Lynch.
The Audit Committee conducted last weeks meeting based on guidelines prepared by the County Technical Assistance Service (CTAS). According to these guidelines, one of the first steps of the committee should be the election of a chairman, vice chairman and secretary. Unanimously elected as the chairman was Hatcher; Stromberg was unanimously elected vice chairman; and Kiesel was elected as secretary.
The next CTAS recommendation discussed last week by the Audit Committee was determining whether or not the committee has enough financial expertise with governmental accounting and auditing standards or if hiring contracting with a consultant or accountant would be needed to provide said expertise.
After a brief discussion, the committee came to the conclusion they had enough experience to move forward.
The committee also determined that it would like to meet with the auditor responsible for the countys recent annual audit in order to better understand the audit process and the audit findings in the 2013-2014 fiscal year audit.
According to discussion during last weeks meeting, the Audit Committee will begin an examination into the 2013-2014 county audit at an upcoming meeting or meetings the dates of which have not been announced. The committee will also review how county officials have responded to and taken steps to correct any and all audit findings.
All minutes of the Audit Committee will be filed with the Unicoi County Clerk.