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RFD- 3164 Public Delegations   Item #   5. a.    
Regular Council Meeting Agenda
Meeting Date: 01/22/2018  
Title:    KPMG 2017 Audit Plan - Goodwin
Department: Corporate Services  
Strategic Vision Element: This topic relates to all three of the City’s strategic vision elements contained in Council’s Strategic Plan Related Goal: n/a

Information
Request for Decision Summary
To present the planning document for the audit of the 2017 financial statements, conducted by the City's external auditor.

Proposed Motion
That KPMG's Audit Planning Report for the year ended December 31, 2017 be received as information.

Background/Analysis
To allow the City's external auditors the opportunity to review the audit process with Council in advance of the financial statement approval.

The audit plan is a document provided by the external auditors to the governance body each year.  It outlines audit timelines, any significant changes to accounting and audit standards, and the regulatory environment or City operations that would impact the audit.  This document also outlines the auditors' assessment of significant accounts and risks and the proposed audit approach to address those areas.

Auditors report directly to Council in their role of financial oversight of the City.  To ensure Council is consulted about the audit process, it is appropriate to present the plan to Council before final audit work begins in March.

Should Council have any questions regarding the proposed audit approach for significant areas of the financial statements, they can be directed to the representatives from KPMG before the audit work is undertaken.  In addition, if there are items not specifically addressed in the audit plan that Council feels are significant, these can be raised and KPMG will determine if they have been appropriately addressed through the planned approach.
Options/Alternatives
n/a

 

Consultation/Engagement
The audit plan provides context for how the audit opinion is formed at the end of the audit.  Council relies on the audit opinion when approving the financial statements, thus an understanding of how this opinion is formed enhances understanding of the results. 
Implementation/Communication

KPMG will present the audit results along with the 2017 financial statements to Council at the end of April, 2018.

Impacts
n/a
Attachments
2017 Audit Planning Report

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