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PRESENTATION BY A REPRESENTATIVE OF DELOITTE - 2015 FINANCIAL STATEMENTS AUDIT PLAN
Ms. Paula Jesty, Partner, Deloitte LLP provided the Finance and Corporate Services Committee with an overview of the 2015 Financial Statements Audit Service Plan. She noted that the Plan presents the Deloitte LLP audit approach, audit scope and planned communications with the City of Barrie.
Ms. Jesty reviewed the key elements of the Audit Service Plan including details related to the following aspects:
• Audit scope and terms of engagement;
• Key audit team members;
• Significant events, specifically the conversion of the recreation system from Class to Activenet and the implementation of PS 3260 - Liability for contaminated sites;
• Materiality;
• Fraud risk;
• Use of specialists;
• Audit fees; and
• Audit risks related to the implementation of PS 3260 - Liability for contaminated sites, revenue recognition, management override of controls, management estimates, and the recreation system conversion.
Ms. Jesty concluded by discussing the audit approach, communication requirements and financial reporting updates.
Members of the Committee asked a number of questions related to the information provided and received responses from the presenter and City staff. (File: F03)