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PRESENTATION BY A REPRESENTATIVE(S) OF DELOITTE LLP CONCERNING THE 2016 AUDIT SERVICE PLAN
Ms. Paula Jesty, Partner of Deloitte LLP provided an overview of the 2016 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 objectives, risk areas and the key audit team members;
• Significant events, materiality, scope and terms of engagement, audit risks and group audit;
• Fraud risk, and use of specialists; and
• Audit risks related to revenue recognition, management override of controls, and management estimates.
In closing, Ms. Jesty discussed the audit approach, communication requirements and financial reporting updates.
Members of the Committee asked a questions related to the information provided and received responses from the presenter and City staff. (File: F03)