Annual Rept 2015.publisher. full report

Report of Audit Committee

AUDIT COMMITTEE Robert Shaw, Chairperson Joel Miller, Board Oversight

Herb Cohan Frank Spitalny Howard Winer Mark Zusy

The Audit Committee met with the community’s outside ac- counting firm McGladrey and Pullen, LLP prior to the start of the audit for the fiscal year ending April 30, 2014. We discussed the engagement letter, the scope of the audit, test- ing procedures and the internal controls to be reviewed. The committee took particular care to stress the review of the internal control. At the completion of their audit work, McGladrey met with the Committee again to discuss and review their findings. We received an unqualified opinion stating that the financial statements present fairly, in all material respects, the financial position of Frenchman’s Creek.

The Audit Committee also reviewed the purchasing, receiving and payment procedures by spending time in the purchasing department, kitchen and accounts payable. They were satisfied with their findings and made a few recommendations that were implemented by management. I would like to thank the committee for their service and insight- ful input and I would like to thank the accounting staff for their dedication and contribution to Frenchman’s Creek.

Robert Shaw, Chairperson Audit Committee

2014/2015 Annual Report Page 28