Thursday, September 10, 2015

Funding approved for a Forensic Audit of Carroll County financials. What does that mean?

I was not at the public hearing Wednesday, but as reported by two commenter's earlier, Rep Glenn Cordelli was successful in obtaining funding for a forensic audit to be conducted on the county financials. ( Coverage of the hearing can be found here in the Conway Daily Sun.)  Josh Bartlett spoke at the hearing and was quoted as saying ""It is a very, very expensive mistake, I personally do not support a supplemental budget request because we don't know whether or not it will be used responsibly."  I agree with Josh 100%.  The end result is that the county tax rate will increase by 22 cents. My presumption is that county will now be able to access a line of credit from the Bank of NH and then at the end of this year, the tax bill from the county to it's towns will reflect the new rate. Moultonboro is in the process of seeking input from town counsel as to what if any our legal options may me in regards to this rather large increase to our total tax rate. 
So what is a " forensic audit"? Forensic is defined as  "suitable for use in a court of law."
According to Blacks Law "A forensic audit is the process of reviewing a person's or company's financial statements to determine if they are accurate and lawful. Forensic accounting is most commonly associated with the IRS and tax audits, but it may also be commissioned by private companies to establish a complete view of a single entity's finances." "Forensic audits are performed by a class of professionals with skillsets in both criminology and accounting who specialize in following a money trail, keeping track of fraudulent and actual balance sheets and checking for inaccuracies in overall and detailed reports of income or expenditures. If they find discrepancies, it may be the auditor's job to investigate and determine the reason for it, or it may be the job of a separate financial investigator."
I would think that since the delegation approved the audit, they would be the entity that would seek bids and define the scope. No word that I'm aware of as to timing and how that will occur. 


3 comments:

Joseph Cormier said...

Blogger:

"I would think that since the delegation approved the audit, they would be the entity that would seek bids and define the scope. No word that I'm aware of as to timing and how that will occur"

A little soon, but the meeting will, probably, be on this website, not long from now.

I recall Rep. Cordelli commenting (even with the bad audio) about a timeline for getting the forensic audit in motion.

We know he reads this blog. He might add some info.

http://www.governmentoversite.com/delegation/carroll-county/

PS:

OMG!
" ... Posted by Moultonboro Blogger at 12:31 AM "

Thank you, as well, blogger,for your efforts. I hear someone has a petition for a warrant article for unlimited supply of NO-DOZE ... not that you need it.

I hear there are movies and TV becoming more prevalent about Zombies and the Walking Dead. I thought that might be indoctrination for the Annual Town meeting. Don't want to see a "glazed look" on you at the BoS meetings!

State Rep Glenn Cordelli said...

Based upon the Commissioner's meeting that followed, it is not clear that the Commissioners will agree to do a forensic audit despite the Delegation vote on the supplemental budget.
Video here and starts at app 5:30: http://www.governmentoversite.com/

I'd be interested in what the taxpayers have to say about it.

Joseph Cormier said...



"A little soon, but the meeting will, probably, be on this website, not long from now."

It showed up ... thanks Rep. Comeau.

http://www.governmentoversite.com/delegation/carroll-county/

If I heard correctly, MoBo will be 1.52 (new county tax) @ 1:05:07 of video!

then:

MoBo tax rate goes from 8.86 to 9.16

http://www.moultonboroughnh.gov/Pages/MoultonboroughNH_Collector/index

That's just county; one of four (4) components to your tax rate.

That'll add $60 to your present tax of your $200,000 house!