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PRESENTATION BY DELOITTE CONCERNING THE 2017 AUDIT SERVICE PLAN
Ms. Paula Jesty, Partner of Deloitte LLP provided an overview of the 2017 Audit Service Plan and noted that the Plan describes Deloitte LLP audit scope and strategies, and their audit approach and the planned communications with City staff.
Ms. Jesty discussed slides concerning the following topics:
• The audit scope and terms of engagement associated with the City and Service Partners Financial Statements for the year end of 2017;
• The significant events, materiality, and audit risks;
• The fraud risks, use of specialists, audit fees, and complete engagement reporting;
• Audit risks related to revenue recognition, management override of controls, audit responses and Management estimates; and
• The approach associated with planning and assessing.
In closing, Ms. Jesty discussed the audit approach, communication requirements and the new public sector standards.
Members of the Committee asked several questions and received responses from Ms. Jesty and City staff.