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HomeMy WebLinkAboutCS 08-05 REPORT TO AUDIT COMMITTEE Report Number: CS 08-05 Date: February 16, 2005 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Role of Audit Committees Recommendation: 1. That Report CS information. 08-05 of the Director, Corporate Services be received for Executive Summary: The following report discusses the evolving role of audit committees in light of events in recent post years involving corporations, accounting and auditing practices and public financial reporting. Financial Implications: None Background: Attached is a document entitled "Public Sector Audit Committees, Resource Guide" prepared by Deloitte & Touche LLP in May, 2003. This Guide was published in response to developments over the last few years in the regulatory, legislative and standard setting environment resulting from corporate failures in North America and perhaps world wide. Generally, an Audit Committee is designated to oversee the financial reporting process and in doing so fulfills Council's fiduciary responsibility by overseeing the audit and reporting process. You will find the attached Guide is laid out in such a way as to take the reader carefully and logically through the entire process of establishing a committee, roles of the committee, meetings and duties. It ends with some useful appendices directly related to such a committees activities. This report is being distributed now, in advance of its inclusion on a forthcoming Committee Agenda for further discussion. Report CS 08-05 Subject: Role of Audit Committees Date: February 16, 2005 Page 2 Attachments: 1. Deloitte & Touche - Public Sector Audit Committees Resource Guide, May 2003 Prepared / Approved / Endorsed By: ~lis A. Paterson Director, Corporate Services & Treasurer GAP:vw Attachment Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Co/~l ,, _.~