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Audit Committee Findings

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LLPChartered AccountantsCity of Greater SudburyAudit Findings Report to the Finance CommitteeFor the year ended December 31, 2004„„„„„To the Finance CommitteeWe have audited the financial statements of City of Greater Sudbury as at December 31, 2004 and have issued our report thereon dated April 30, 2005. Accordingly, under Canadian generally accepted auditing standards, we are providing you with the attached information related to the conduct of our audit.We have conducted our audit of the financial statements in accordance with Canadian generally accepted auditing standards. We planned and performed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. Absolute assurance in auditing is not attainable because of such factors as: the nature of audit evidence which is based on the use of testing and where much of the evidence available to the auditor is persuasive, rather than conclusive; the inherent limitations of internal control; and the characteristics of fraud. Accordingly, there is a risk that material errors, fraud, and other illegal acts may exist and not be detected by an audit performed in accordance with Canadian generally accepted auditing standards.An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and their application and ...

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Nombre de lectures	21
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City of Greater Sudbury

Audit Findings Report to the Finance Committee

For the year ended December 31, 2004

LLP Chartered Accountants

To the Finance Committee

We have audited the financial statements of City of Greater Sudbury as at December 31, 2004 and have issued our report thereon dated April 30, 2005. Accordingly, under Canadian generally accepted auditing standards, we are providing you with the attached information related to the conduct of our audit. We have conducted our audit of the financial statements in accordance with Canadian generally accepted auditing standards. We planned and performed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. Absolute assurance in auditing is not attainable because of such factors as: the nature of audit evidence which is based on the use of testing and where much of the evidence available to the auditor is persuasive, rather than conclusive; the inherent limitations of internal control; and the characteristics of fraud. Accordingly, there is a risk that material errors, fraud, and other illegal acts may exist and not be detected by an audit performed in accordance with Canadian generally accepted auditing standards. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and their application and significant estimates made by Management, evaluating the overall financial statement presentation, making specific enquiries of Management, and obtaining a supporting representation letter from Management concerning the effectiveness of internal controls and the representations embodied in the financial statements, including the notes thereto. The matters raised in this report are by-products of the financial statement audit and are only those matters that have come to our attention arising from our audit, and that we believe need to be brought to your attention. They are not a comprehensive record of all the matters arising, and in particular, we cannot be held responsible for reporting all risks in your business or all internal control deficiencies. This report is confidential and intended solely for the use of the Finance Committee, Management and others within the Municipality with respect to carrying out and discharging their responsibilities to review whether the financial statements of the City as at and for the year ended December 31, 2004 be approved and should not be used for any other purposes. No responsibility for loss or damages, if any, to any third party is accepted as this report has not been prepared for, and is not intended for, any other purpose.

Contents

Introduction

Audit Opinion on the Financial Statements

Independence

Audit highlights and findings

Audit Opinion on the Financial Statements

We have completed our audit of the City’s financial statements in accordance with the Audit Plan and in accordance with professional standards.

Our audit report has been issued without reservation, dated April 30, 2005 and indicates that the financial statements present fairly, in all material respects, the financial position, results of operations and changes in financial position of the City in accordance with Canadian generally accepted accounting principles (“GAAP).

We also wish to clarify that in planning and performing an audit, we consider internal controls to determine the nature, extent and timing of our audit procedures. However, an audit does not include examining the effectiveness of internal controls and does not provide assurance on the City’s internal controls.

Independence

Generally accepted auditing standards require that we communicate at least annually with you regarding all relationships between the City and us that, in our professional judgment, may reasonably be thought to bear on our independence

Our independence letter dated May 31, 2005 indicates that we are not aware of relationships, other than the professional services that have been provided to the entity or its related entities, that, in our professional judgment, may reasonably be thought to bear on our independence as your auditors.

We are not aware of any other relationships since the date of this letter that may reasonably be thought to bear on our independence as your auditors.

Contents

Introduction

Audit highlights and findings Summary of Audit Approach Significant Audit Findings Significant Accounting Policies Management Judgement, Accounting Estimates and Disclosures Misstatements and Audit Adjustments Matters Arising from the Audit Other Matters Arising from the Audit Performance Improvement Observation

Summary of Audit Approach

General approach

Areas of risk

Materiality and audit risk

Reliance on internal controls

Obtain sufficient and appropriate audit evidence

Significant Audit Findings Reconciliation of Community Reinvestment Grants (CRF)

Issue: On March 31, 2005 the Ministry of Finance announced a new funding model Ontario Municipal Partnership Fund Ministry reconciled the 2003 and 2004 CRF grants in 2005 Approximately $3.4M was cash flowed in April 2005

Implications: Should the $3.4M be recorded as revenue in the December 31, 2004 financial statements ?

Resolution: Cabinet approval was not received until March 2005 Ministry did not previously confirm to Municipalities that the 2003 and 2004 CRF grants would be reconciled $3.4M was not recorded as revenue in the audited December 31, 2004 financial statements

Significant Accounting Policies

Disclosed in note 1 to the financial statements.

No accounting policies have been implemented or changed from the

prior year.

Management Judgements, Accounting Estimates and Disclosure

Significant Fin Financial Re rtin Caption / Discloasnucirael Statement pog Risks

Taxes receivable

Accrued Liabilities

Employee benefit obligations

Valuation of taxes receivables

Accuracy of liability

Accuracy of liability and disclosure

Significant Accounting Estimates

Allowance for doubtful taxes receivables $2.3M Evaluate the assessment values of properties in arrears to determine the likelihood of loss Amounts owing to other ambulance service providers - $3.3 M Assess reasonableness of number of trips and rates

Post-employment benefits $28M Assess reasonableness of managements and actuary assumptions

Misstatements and Audit Adjustments

Misstatements represent audit findings or differences whereby we do no agree with the amount, classification, presentation or disclosure of items in the financial statements.

All audit adjustments were reviewed with and recorded by Management.

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