What Will Dewey Beach’s New Examiner Find?
Cohn Reznick was selected to be the Dewey Beach Auditor. This well-renowned firm is the 11th largest accounting firm in the US, with more than 61X the number of staff available than TGM the previous town auditor. The Audit Committee, led by Chair Julie Johnson, worked tirelessly to ensure that Cohn Reznick was the correct firm for Dewey Beach, having interviewed four different reputable firms.
The benefit to the residents is more financial accountability. The keeping and storing massive amounts of off-the-book military equpment at an employee’s farm and local body shop for several years and selling it as a contribution to a slush fund contributed to the nearly $300-400K in investigation costs for the town. Imagine that money instead being used for infrastructure?
What impressed me most about the new Auditor is that they will not only be doing the financial audit but also looking at the town’s IT practices. During the interview, they showed extensive interest by preparing some thoughts on Dewey Beach and asking questions such as why the town used the Agreed Upon Procedures the year before. Cohn Reznick, in conjunction with the current Investment Manager Brown Advisory, means the town has two excellent financial firms in place. Both of these firms were chosen by public RFP and will be helping Dewey Beach in its efforts to implement the best financial practices and proper internal controls going forward.
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