TAMRMS#: B06
5.1
Information Item Only
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Audit Management Recommendations
Presented by: Brenda Barclay, Manager of Financial Operations, Financial and Strategic Services
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SUMMARY
This report is to provide an update on Administration’s progress towards implementing the year end audit recommendations provided by KPMG in the 2023 Year End Communication Report from June 18, 2024.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
N/A
BACKGROUND AND DISCUSSION
A. The Audit Findings Report identified the following Control Deficiency with regards to Unrecorded Liabilities.
KPMG Recommendation:
We recommend the City review its practices in place for identifying and recognizing liabilities in the correct reporting period.
Administration’s Response:
Administration has an established practice for researching and reviewing the accounting for non-routine transactions and adoption of new accounting standards. In addition to this Administration has developed a check list to review with all Departments to discuss any unusual accounting transactions.
B. The Audit Findings Report also identified another Observation concerning the Measurement of Tangible Capital Assets.
KPMG Recommendation:
We recommend that Management measure these contributed tangible capital assets based on the costing information provided specific to each asset.
Administration’s Response:
Administration will ensure that costing information is recorded to each asset, instead of applying an average cost to these assets. This will be done by reviewing all submissions from Engineering and the corresponding Developer agreement.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
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ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Corporate Reporting to Community City’s Annual Report
Financial statements are provided annually in accordance with Generally Accepted Accounting Principles (GAAP), Municipal Government Act (MGA) and Public-Sector Accounting Board (PSAB) Standards.
Financial statements are submitted annually to Municipal Affairs by May 1.
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Report Date: October 8, 2024
Author(s): Brenda Barclay
Department: Financial and Strategic Services
Department Director: Anne Victoor
Managing Director: Diane McMordie
Chief Administrative Officer: Bill Fletcher