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4. Finance And Audit Committee Meeting - April 21, 2022

Minutes of the Finance & Audit Committee

Thursday, April 21, 2022 @ 9:00 AM

Attendance: Advisory Board Finance & Audit Committee: Joe Nolan of Wayland and Colette Aufranc (Chair) of Wellesley

Not in attendance: Linda Marshall of Holliston

MWRTA: Ed Carr (Administrator), Eva Willens (Deputy Administrator), John Glynn (CFO), Paula Doucette (Financial Assistant), and Joy Glynn (Grants Manager)

Jim Powers of Powers & Sullivan, Renee Davis of Powers & Sullivan, LLC, Chris Rogers of CLA – Clifton Larson Allen LLP, Sara Salvi of CLA – Clifton Larson Allen LLP, Bruce Norling of Bruce Norling, CPA PC, and Jen Bassett-Glynn of Bruce Norling, CPA PC; Jon O’Connell of KTI (9:52 AM)

1.       Called to order @ 9:05 AM by Ms. Aufranc - Acknowledge meeting is being recorded.

2.       Review Meeting Minutes of 3/9/2022 – The Committee will review and vote on their approval at the next meeting.

3.       Public Comment: No comments were presented.

4.       Interview of Audit Services finalist

9:00 AM Powers & Sullivan

Mr. Powers and Ms. Davis provided the company introduction and background.

·         RTA experience? Powers & Sullivan does not audit RTAs at this time but deal with all 15 RTAs at the state level.

·         Pitfalls you have experienced, CARES Act, funds from the state? CARES Act's struggle is that cities and towns did not spend it all, they are turning back the funds for eligible expenses. IT and Cybersecurity for the audit, we have a secure portal. There is a risk that you can become locked down and not operational, need to make sure MWRTA is focused on risk.

·         IT and review of IT control strategy: Limit your exposure to store off-site or Cloud. Good policies and procedures training your staff, penetration access test, and password accessibility. Training is important.

·         Quality Control and staffing: Ms. Davis would be the primary and Mr. Powers would be the secondary.

End time: 9:28 AM

9:30 AM CLA – Clifton Larson Allen

Mr. Rogers and Ms. Salvi provided the company introduction and background.

·         Transportation Operations background: Audit Brockton Area Transit Authority (BAT). Across the country, CLA audits several RTAs. MWRTA is very comparable to BAT.

·         Well versed in government/quasi-government policies and procedures.

·         Quality Control process: Ms.Cook, not available today, would be the lead. Ms. Salvi would focus on planning and reviewing.

·         How would you manage Framingham Retirement System? CLA audits the City of Framingham we understand your requirements.

·         Cybersecurity process: Would bring in their own IT specialist to review existing controls around QB.

·         National firm – MWRTA’s team would be in Lexington and/or Quincy, MA End time: 9:52 AM

10:00 AM Bruce Norling, CPA PC (Start time: 9:53 AM)

Mr. Norling and Ms. Bassett-Glynn provided the company introduction and background.

·         Small firm niche is audit and accounting.

·         MWRTA is similar to other RTAs they work with: Nantucket, Martha’s Vineyard, Cape Cod Regional Transit Authority, and Montachusett Regional Transit Authority

·         Peer reviewer, on-site or remote? The decision of the Authority. Norling has a portal.

·         Quality Control and staffing: Ms Bassett-Glynn, Mr. Norling, and an internal CPA. Ms Bassett-Glynn and CPA will review financial statements (wording/numbers).

·         Yes, we manage that by staying on target with the RTAs; begin work in June to perform the interim work.

·         IT, Cybersecurity: Work with MWRTA policies and procedures and go from there. QB is not a concern.

End time: 10:23 AM

Ms. Aufranc, Mr. Nolan, Mr. Glynn, and Mr. Carr stayed on the call.

Question for Mr. Glynn – Questions 3 & 4 - Responsibility Checklist. Hard to make a decision. Response: Have they been debarred? Have they been responsible and disciplined?                  

MWRTA will check for debarment.

Form B – Finance and Audit Committee cannot answer. Response: Finance & Audit Committee can contact the references. Mr. Carr or Mr. Glynn would be happy to assist in making the calls.

At this point will wait until Ms. Marshall can listen/watch the recording. End time: 10:31 AM

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