Letter: Trailblazing through town audits | AspenTimes.com

Letter: Trailblazing through town audits

Trailblazing through town audits

Dear Editor:

On March 21 I attended the regular Snowmass Village Town Council Session where the

Financial Advisory Board (FAB) Chairman Greg Smith spoke to Madam Mayor Markey Butler and the town council.

They gave the FAB the authority to investigate the town’s governmental audit report.

There are two ways can do this. One is historical where the FAB probe several years of audit reports on file. The other way is for the FAB to investigate only the most recent audit report done on the town’s financial condition and accounting practices.

Now as Niccolo Machiavelli did with the Medicis to gain grace and freedom by writing the book called “The Prince,” I, too, in like manner type the following awareness to gain the pursuit of happiness, success and prosperity for myself and many in Snowmass Village whose faith in me is unwavering in me, especially the “It Girl” if she gets in line with us.

To understand this monumental event in American local governmental history, do please take the time to go over the accounting terminology for yours and others benefit:

Government Accounting Standards (GAS) vs Generally Accepted Accounting Principles (GAAP).

Government Accounting Standards Board (GASB): standards of U.S., state and local accounting and financial reporting.

GAAP vs. Government Auditing Standards.

Generally Accepted Auditing Standards (GAAS).

Generally Accepted Government Auditing Standards also called The Yellow Book.

Generally Accepted Accounting Principles.

Municipal Accounting.

The FAB chairman and members will need to fully shift their mindset to governmental accounting that differs from financial (business and banking) recording and procedures to acknowledge, understand and accurately interpret the town’s financial reporting process and governmental audit process.

You, too, will benefit because you’ll become wise to financial recording ways of both private industry and your government. Ergo, your county, state and Federal government logic and figure will be much more understandable to you.

I advise all to keep close tabs on the FAB as it goes where only governments, think tanks and institutes have gone. Your future happiness, successes and prosperity are at stake in this new trail blazing by the Snowmass Village Town Council and the FAB.

Best wishes,

Emzy Veazy III

Burbank, California, and Aspen