Since I am a member of the Audit Committee, I would like to provide you with an update of the February 25, 2019 meeting.
The City’s Audit Committee today approved the draft budget for audit work by the Auditor General in 2019. The committee also received the audit plan from the City’s external auditors, Ernst & Young LLP.
The total budget for the year under the authority of the Audit Committee is $2.36 million to provide an array of audit services. This includes financial, performance and compliance audits of City departments by the Auditor General, as well as administration of the Fraud and Waste Hotline and investigation of any irregularities.
Staffing in the Office of the Auditor General would remain the same this year, with nine staff members, and an additional $65,000 to maintain the level of service, for a total budget of $1.96 million.
Also included in the audit budget approved by the Committee is the work of the City’s independent external auditors, who review the City’s financial statements and make recommendations on internal financial and management controls.
The Committee received the audit plan from Ernst & Young for the audit of 2018 financial statements. Ernst & Young is the City’s external auditor on a five-year term ending in 2023. The audit plan sets out the work to complete the audit report that confirms that the City’s 2018 financial statements are in accordance with Canadian public sector accounting standards.