TAMRMS#: B06
8.1
REQUEST FOR DECISION
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2024 External Financial Audit Plan **TIME SPECIFIC 1:15 P.M.**
Presented by: KPMG, Sheldon Jacobs, Partner
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RECOMMENDED MOTION(S)
recommendation
That the 2024 Audit Plan prepared by KPMG, provided as an attachment to the October 1, 2024 Agenda report titled "Audit Planning Report for the year ended December 31, 2024", be approved.
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SUMMARY
The City's annual Financial statements are submitted annually to Municipal Affairs by May 1.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On August 21, 2017, Council passed the following motion:
(AR-17-344)
That KPMG be appointed as the City's auditor for the 2017 - 2021 fiscal years ends (5-year term).
On June 20, 2022, Council passed the following motion:
(AR-22-255)
That KPMG be appointed as the City's auditor for the 2022 - 2025 fiscal year ends (4 year term)
BACKGROUND AND DISCUSSION
Section 280(1) of the Municipal Government Act stipulates that a Council must appoint an auditor for the municipality.
During the past year, Administration has been working on addressing the 2023 audit recommendations with a focus to continually improve each audit.
This will be the third year of a 4 year audit extension with KPMG (2022 - 2025), which was approved by Council on June 20, 2022.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
N/A
IMPACTS OF RECOMMENDATION(S)
Financial:
The cost of the audit services for 2024 are included in the City's 2024 operating budget.
Compliance & Legal:
None at this time.
Program or Service:
None at this time.
Organizational:
None at this time.
Risks:
The City and KPMG have entered into an agreement for the engagement of KPMG's services.
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 (GA...
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