Loading...
HomeMy WebLinkAboutTR-56-93 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON REPORT Meeting: General Purpose & Administration Committee File # YC Date: July 19, 1993 Res. # By-La Report#: TR-56-93 File#: w# Subject: 1992 AUDIT REPORT AND RELATED MANAGEMENT LETTER Recommendations: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. That report TR-56-93 be received; 2 . That the Financial Statements for the year ended December 31, 1992 (under separate cover) be adopted; 3 . That recommendations contained in the management letter be reviewed by staff and addressed appropriately. 4 . That the firm of Deloitte and Touche be retained as the Municipality's Auditors for the 1993 year end audit. BACKGROUND & COMMENTS 1. 0 The 1992 year end has now been completed and a representative of Deloitte & Touche is in attendance to present this Report. Any queries with respect to the Audit and the Management Letter should be directed to his attention at this time. 2 .0 Staff are continuing in their efforts to increase and improve internal controls and the auditor's comments reflect this. The areas identified as requiring fine tuning are areas that previously were not able to be focused on from an audit perspective because other areas lacked the level of expertise that now has been achieved. 3 . 0 In 1992, report TR-6-92 recommended that the firm of Deloitte and Touche be retained for a five year period. Council passed the applicable by-law (copy attached as schedule A) which also directed that the appointment be reviewed on an annual basis . 3. 1 The knowledge and expertise of Deloitte and Touche with respect to the records and operations of the corporation adds to the 01 & TR-56-93 Page 2 . efficiency of the audit and it allows valuable staff time to be available to devote to other priorities. The value of this is considered to be heightened for the 1993 year end as a result of the potential social contract legislation. If staff days available for work are reduced, the ever increasing work load will be completed over less time. Maximization of any available efficiencies will therefore be of considerable benefit to the Municipality. 3.2 In addition Deloitte and Touche agreed in 1992, to keep their fees at the same rate as the municipal mill rate in each of the years identified. This contribution was in recognition of the municipality's focus on the budgetary restrictions during the current economic climate. Respectfully submitted, Recommended for presentation to the Committee Marie A. Marano, H.BSc . ,A.M.C.T. Lawrence E. o seff Treasurer Chief Administ ative Officer MAM/tm I I i �I The Corporation of the Town of Newcastle By-law 92 - 45 being a by-law to appoint an Auditor for the Corporation of the Town of Newcastle and to repeal By-law #74-15 WHEREAS Section 88 (1) of the Municipal Act, R.S.O. , 1980, Ch as amended, by the Municipal Statute Law Amendment Act, 1991; g ives Council the authority to appoint "for a term of five years or less, one or more auditors who are licensed under the Public Accounting Act"' AND WHEREAS it is necessary to appoint an auditor for the Corporation of the Town of Newcastle; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF NEWCASTLE ENACTS AS FOLLOWS: 1. THAT Deloitte & Touche is hereby appointed auditor for the Town of Newcastle for a term of five years, conditional on an annual review by Council, for the fiscal years ending December 31, 1992 to December 31, 1996 inclusive. 2. By-law Number 74-15 is hereby repealed. By-law read a first time this 10th day of February, 1992. By-law read a second time this 10th day of February, 1992. By-law read a third time and finally passed this 10th day of February, 1992. Mayor Clerk i