HomeMy WebLinkAbout03/25/2008 AC minutes
AUDIT COMMITTEE
MINUTES OF THE MEETING HELD
MARCH 25, 2008
3RD FLOOR EXECUTIVE CONFERENCE ROOM - VILLAGE HALL
I. Call to Order
The meeting was called to order at 6:06pm. Members present were Mayor Irvana
Wilks, Trustee Tim Corcoran, Finance Committee Chair Chuck Bennett, Committee
Chair Tom Munz, and Director of Finance David Erb.
II. Approval of Minutes
Approval of Minutes for July 10,2007. Motion to approve was made by Bennett and
Seconded by Wilks. Minutes were approved.
III. Chair Report
No report at this time.
IV. Director of Finance Report
No report at this time.
V. Old Business
None.
VI. New Business
a. Review Engagement Letter - Erb presented revised audit engagement
letter to committee members. Discussion on changes from prior year's letter
followed. The letter incorporates new internal control standards
implemented by the Accounting Standards Board. Committee members
discussed
b. Auditing Standards for Internal Controls - New internal control standards
were presented to Committee members. Discussion followed.
c. Goals and Objectives - Goals and objectives for the upcoming year were
discussed. Items included review of internal controls, retaining auditing
services for 2008, establishing meeting dates and annual report to Village
Board.
Audit Committee - Minutes
March 25, 2008
d. Village Board Write-Up - The Audit Committee is to prepare a written
report on the Committee's activities over the past year. Work on the report
is to begin after our next meeting when the wrap-up of the 2007 will occur.
VII. Other Business
No Other Business at this time.
VIII. Next Meeting
The date for the next Audit Committee meeting will be for the week of May 26th or
June 2nd. Finance Director Erb will check on availability and send out notice.
IX. Adjournment
Mayor Wilks motioned to adjourn the meeting and Finance Committee Chair Chuck
Bennett seconded. The meeting adjourned at 6:56pm
Respectfully Submitted
David O. Erb
Director of Finance
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