The "financial experts," as written in the ordinance, are Edward Kangas, Charles Jacobson and William Parrett, who will serve as regular members. The alternate members are Janet Lanaway and George Maranis.
Selectman Beth Jones said she was hopeful the candidates would set the bar high for future members.
"This is a wonderful combination of people," she said. "It's crucial to set the tone in the beginning of what (the committee) is going to do ... I'm very hopeful this is going to be an outstanding committee."
Some of the committee's duties include assisting the town departments with their financial reporting processes, the annual independent audit of the town's financial statements, compliance with legal and regulatory requirements that could impact the town's financial statements, and overseeing the town's plan for corrective action "which should include appropriate and timely follow-up measures."
In addition, the committee shall meet with the independent auditors during the annual review period to discuss the audit plan and the town's annual financial statements. Based on such review and discussion, the committee will determine "whether to recommend to the Town Council the adoption of the audited financial statements."
First Selectman Robert Mallozzi praised the group of candidates, which must be confirmed by the Town Council.
"They all seem to have an unbelievably good understanding of the functions of an audit committee," he said.
Selectman Nick Williams said the group's professional background and level of community involvement are "amazing."
Kangas' and Lanaway's terms would expire Dec. 1, 2015; Jacobson's and Maranis' terms would end Dec. 1, 2016; and Parrett's term would continue until Dec. 1, 2017.
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