The state comptroller’s office has completed its audit of the Champion Volunteer Fire Company Inc. and found that the board needs to improve its oversight of the department’s financial activities.

The audit suggests the fire company’s treasurer prepare monthly bank reconciliations and submit them to the company’s five-member board of directors for review. It also states that an annual financial report should be submitted to the board and that the treasurer should file an “annual report of foreign fire insurance with the comptroller’s officer or Form 990 with the IRS.”

The audit also found that the town of Champion should be provided with the financial reports and that an internal audit committee should be established to periodically audit the company records.

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