Title
2016 CONSOLIDATED FINANCIAL STATEMENTS PRESENTATION
Craig Millar, Director of Finance/Treasurer provided a presentation to the Committee concerning of the 2016 Consolidated Financial Statements and thanked staff in their efforts in completing the statements ahead of schedule.
Mr. Millar discussed slides concerning the following topics:
• The Statement of Operations and Accumulated Surplus;
• The annual surplus;
• Reconciliation of the consolidated annual surplus;
• The Consolidated Statement of Change in Net Debt;
• The change in net debt;
• The Statement of Financial Position;
• The accumulated surplus; and
• The Statement of Cash Flows.
Members of the Committee asked a number of questions related to the information provided and received responses from City staff.
Ms. Paula Jesty, Partner, Deloitte LLP reviewed the status of the audit of the 2016 Consolidated Financial Statements with the members of the Committee. She noted that the report summarized the findings from the audit which was conducted in accordance with the Audit Plan presented to the Finance and Corporate Services Committee on November 23, 2016.
Ms. Jesty reviewed the key elements of the Audit including details of the following aspects:
• The audit scope and terms of engagement;
• The concept of materiality;
• The status of the audit and outstanding matters;
• The City as a going concern;
• Internal control;
• Fraud and audit risk areas;
• Significant accounting policies associated with the City’s financial position and performance;
• Other reportable matters;
• Communication requirements associated with the Audit Service Plan;
• Uncorrected misstatements;
• An independence letter from Deloitte to the Committee; and
• A draft management representation letter.
Members of the Committee asked a number of questions related to the information provided and received responses from the presenter and City staff.