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3. ERNST AND YOUNG LLP 2011 AUDIT PLAN
PLAN
DE VÉRIFICATION DE 2011 de Ernst & Young LLP |
That Council receive this report for information.
RECOMMANDATION DU COMITÉ
Que le Conseil prenne connaissance
du présent rapport à titre d’information.
1. Audit Sub-Committee report dated 29 November 2011 (ACS2011-CMR-ASC-0004).
Report to / Rapport au:
Finance and Economic Development Committee
Comité des finances et du développement économique
and Council / et au Conseil
29 November 2011 / le 29 novembre 2011
Submitted by / Soumis par: Audit
Sub-Committee/Sous-comité de la vérification
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City Wide / À
l'échelle de la Ville |
Ref N°: ACS2011-CMR-ASC-0004 |
SUBJECT: ERNST AND YOUNG LLP 2011 AUDIT PLAN
OBJET:
PLAN DE VÉRIFICATION DE 2011
de Ernst & Young LLP
That the Finance and Economic Development Committee and Council receive this report for information.
Que le Comité des finances et du
développement économique et le Conseil prennent connaissance du présent rapport
à titre d’information.
CONSULTATION
This item will be advertised in the local dailies as part of the Public Meeting Advertisement on Friday preceding the Committee meeting.
There are no legal implications related to this report.
RISK MANAGEMENT IMPLICATIONS
There are no risk management implications associated with this report
There are no financial implications related to this report.
There are no potential positive or negative impacts on People with Disabilities or seniors associated with this report.
There are no technology implications associated with this report.
SUPPORTING DOCUMENTATION
Document 1 - City Treasurer’s report titled “Ernst and Young LLP 2011 Audit Plan” (ACS2011-CMR-FIN-0059).
Document 2 – Extract of Draft Minutes from the 24 November 2011 meeting of the Audit Sub-Committee
Staff to implement Council’s decision.
DOCUMENT 1
Report to/Rapport au :
Audit Sub-Committee
Sous-comité de la vérification
and / et au
Finance and Economic Development Committee
Comité des finances et du développement
économique
and Council / et au Conseil
November
17, 2011 / le 17 novembre 2011
Submitted by Marian Simulik/Soumis par : Marian Simulik
Contact Person/Personne-ressource : Mona
Monkman, Deputy City Treasurer-- Corporate Finance /Trésorière muncipale
adjointe—Finances municipales
Finance Department/Service des finances
613-580-2424 ext./poste 41723, Mona.Monkman@ottawa.ca
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SUBJECT:
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OBJET :
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PLAN DE VÉRIFICATION DE 2011 de Ernst & Young LLP |
That the Audit Sub-Committee receive this report and forward to Finance and Economic Development Committee and Council for information.
Que le Sous-comité de la
vérification prenne connaissance du présent rapport et le transmette au Comité
des finances et du développement économique et au Conseil à titre informatif.
Background
The Municipal Act, 2001 requires that the City prepare annual audited financial statements in accordance with accounting policies prescribed by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. These audited financial statements must be published publicly.
DISCUSSION
On September 13, 2006, Ernst & Young LLP was appointed as the external auditors of the City of Ottawa for a five-year term ending December 31, 2010. On March 21, 2011 the City of Ottawa extended the audit term for an additional two years in accordance with City of Ottawa Purchasing By-law No 50 of 2000, section 32. As part of the 2011 audit, Ernst & Young LLP is providing a planning memo for the information of the Audit Sub-Committee, Finance and Economic Development Committee, and Council that outlines the scope and key issues affecting the audit (Document 1).
There are no rural implications.
No public consultation was required.
Comments by the Ward Councillor(s)
N/A
LEGAL IMPLICATIONS
There are no legal impediments to receiving this report. Section 294.1 of the Municipal Act, 2001 requires the City to prepare an annual audited financial statement in accordance with generally accepted accounting principles for local governments as recommended from time to time by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants.
There are no risk implications.
Fees are fixed as part of a contract.
Accessibility Impacts
N/A
ENVIRONMENTAL IMPLICATIONS
N/A
Technology Implications
There are no technology implications.
City Strategic Plan
There are no ties to the strategic plan.
Document 1- Ernst & Young LLP 2011 Audit Plan (Previously distributed and held on file with the City Clerk.)
Management will take appropriate action as described.
ERNST AND YOUNG LLP 2011 AUDIT PLAN
PLAN DE VÉRIFICATION DE 2011 de Ernst &
Young LLP
ACS2011-CMR-FIN-0059
City Wide / a l’échelle de la ville
REPORT RECOMMENDATION
That the Audit Sub-Committee receive this report and forward to Finance and Economic Development Committee and Council for information.
Ahsan Ahmed, Suzie Gignac and Deanna Monaghan from Ernst & Young LLP provided a detailed overview of the Audit Plan before the Committee. A copy of the PowerPoint presentation is held on file.
The report recommendation was then put to the Committee and RECEIVED.