In Coventry, annual reports off by $10-million, cash unaccounted for

copyright the Chronicle September 21, 2016

by Elizabeth Trail

The auditor hired to look at Coventry’s finances is recommending that the select board hire its own accountant to keep a second set of books, observe all transactions, and reconcile bank statements. He also recommends involving law enforcement and the bonding agent in the near future.

“I believe there’s money missing,” said Jeff Graham, president of the accounting firm Graham & Graham. “I don’t know how much.”

Mr. Graham is a certified public accountant (CPA). He’s also certified in financial forensics, the accounting specialty devoted to investigating fraud.

Coventry’s annual reports for the past several years may have under-represented the town’s assets by as much as $10-million, Mr. Graham told the select board at its Monday night meeting.

No cash was deposited during the two-year period covered by the current audit, he said. And cash in the vault is unaccounted for.

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