TAMRMS#: B09
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Audit Management Recommendations
Presented by: Brenda Barclay, Manager, Financial Operations & Reporting
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RECOMMENDED MOTION:
recommendation
That Community Growth & Infrastructure Standing Committee recommend to Council that the Audit Management Recommendations Report, dated October 13, 2020 be received as information.
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PURPOSE OF REPORT
The purpose of this report is to provide an update on Administration’s progress towards implementing the year end audit recommendations provided by KPMG in the 2019 Year End Communication Report from April 20, 2020.
ALIGNMENT TO COUNCIL STRATEGIC PRIORITY
N/A
ALIGNMENT TO 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.
ALIGNMENT TO COUNCIL (OR COMMITTEE) DIRECTION OR MANDATORY STATUTORY PROVISION
N/A
BACKGROUND AND DISCUSSION
Listed below are 5 audit recommendations identified by KPMG from the external audit and Administrations response to progress on each recommendation.
Two of these recommendations date back to the external audit of 2017 and have required a few years to implement corrective action on. This is due to the timing of when the recommended action was received from the auditors, (April of the following year) and the complexity of implementing some of the recommendations. In some cases, once a recommendation is implemented it takes several accounting cycles before the results can be assessed by the auditors. The remaining three audit recommendations are from the 2019 audit.
Audit Recommendations:
1. Capital budget, including budgeting for contributed tangible capital assets
KPMG Recommendation (2017):
We recommend that the City review the components of its capital plan. These...
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