CPA Audit

There is an important question that should get an answer.

Can a CPA firm get the audit done in time for the annual town report?

14 months ago, the Audit Committee asked the Town Officials if any consideration had been given to have A CPA audit done. The response was several phone calls were made to CPA firms mainly in the St Albans area. The CPA firms responded to the inquiries by indicating that the timeframe for completing an audit and preparing the accompanying financial statements was "impossible". The town's books close Dec. 31st. and the Town Report goes to the commerical printer around Feb. 1st. Leaving approximately 22 business days. It appeared the Town Officials were resolved to the fact that unless the fiscal year is changed, the town has to continue to employ locally elected auditors.

4 months ago, Nov. 2005. The Audit Committee followed up to see if any further discussion had taken to atleast have a single audit performed even if it was not done in time for the Annual Town Report. Meaning for example during 2006, a CPA firm would come in an audit 2005 records.
The response indicated was: 1. It is not practical to pay the Town Auditors and a CPA firm. 2. The CPA firms did not seem interested or willing to contract for this job. Meaning they are too busy with established clients.

In January 2006 there seemed to be no indication that a CPA had been located who was able and/or willing to complete an audit. Yet the Warning was approved and put forth.

The whole thing is perplexing. It seems that the Town could be in vulnerable position when an audit whether local or professional is not done on time for the Town Report.