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
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