Title
PRESENTATION CONCERNING THE DELOITTE 2022 AUDIT SERVICE PLAN
Pina Colavecchia, Partner, Deloitte Canada, provided a presentation regarding the Deloitte 2022 Audit Service Plan.
Ms. Colavecchia discussed slides concerning the following topics:
• An overview of the legislated opinion letter to Mayor and Council from Deloitte Canada regarding the 2022 Audit Service Plan;
• An Executive Summary concerning the audit scope, terms of engagement and the identification of significant audit risks;
• The development of the audit strategy to address fraud risk, including the use of experts, specialists, and independent consultants;
• An overview of Deloitte’s hybrid auditing approach involving both on-site and virtual participation and review;
• Details concerning the identified significant audit risks of revenue recognition and management override of controls;
• An overview of the risk-based approach and associated phases of the audit;
• Communication requirements and responsibilities under the Canadian Generally Accepted Auditing Standards (GAAS); and
• A summary concerning changes to public sector accounting standards for 2023 and beyond.
Members of the Committee asked a number of questions of City staff and received responses.