October 30th , 2013 10:00 am Leave a comment

CCT votes to start with financial review, full audit expected in future

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At its Monday meeting, the Carter County Tomorrow full board of directors voted to save some money by conducting a less in-depth audit this year and looking to budget for a full audit in the future.

CCT Chairman Richard Tester listens as Karen McMurray explains the board's financial review options.

CCT Chairman Richard Tester listens as Karen McMurray explains the board’s financial review options.

The board selected an agreed-upon procedures financial review option in order to begin to satisfy the audit request made by Carter County Mayor Leon Humphrey during the Oct. 15 meeting.

The cost of the agreed-upon procedures option is not to exceed $4,500, as dictated in the motion made by Humphrey. Discussion of amending the by-laws to include a time frame for a full audit was also recommended.

“I know money is tight, but when you look at the number of years that we have been in operation and to go back and average it out, it’s not a big deal,” Humphrey said. “It’s not saying that you have to do that audit every year.”

Humphrey said the purpose of the audit is to create assurance in the entity’s procedures.

“At no point in time has anyone suggested that there has been any wrong doing,” Humphrey said.

Karen McMurray of auditing firm Blackburn, Childers, and Steagull told the board that to perform a full audit at minimum would cost about $10,000.

“Audits are expensive,” McMurray said. “I hate for people who don’t have to have an audit to spend the money to have one done.”

McMurray said she was not aware of a state requirement for an audit to be conducted on CCT, but is aware of requirements in other counties regarding economic development board audits.

The option the board selected will allow Blackburn, Childers, and Steagull to look into one aspect on each of the CCT accounts — Workforce Development Complex, Tourism Program, Carter County Tomorrow and Chamber of Commerce.

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