Audit: clean bill for NAED

    At their June 4 meeting, the Board of Electric Light Commissioners received North Attleborough Electric Department's (NAED) Fiscal Year 2007 financial audit reports from the department's auditors, Powers & Sullivan of Wakefield.
    The board met with NAED Business Division Manager Paula Tattrie and the auditors (Richard Sullivan and Michael Nelligan) to discuss both the department's annual financial statements and Management Letter.
    The auditors reported that their audit reflected a "clean opinion," with no qualifications, about the state of NAED's finances. The Management Letter reflected no recommendations for any changes in current internal controls.
    Commission Chairman, Thomas Corrigan, expressed his pleasure with the audits' findings, noting that less than three years ago, the town was unable to secure a certified "free cash" amount from the Commonwealth of Massachusetts because NAED was unable to produce the required fiscal year audits.
"The results of this year's audit is good news for NAED's customers and represents another example of the great efforts being made by NAED's new management team,” said Corrigan.
    “The audit report is clean, with no recommendations about the department changing any of its current internal financial management controls,” Corrigan added. “ The state and integrity of NAED's finances have come a long way in the past two and one half years."
    James C. Moynihan, NAED General Manager, noted to the board of electric commissioners at the meeting June 4 that the audit’s findings and conclusions are a reflection of the work being done for the department and system ratepayers by NAED's Business Manager Paula Tattrie and the employees of NAED's Business Division.