Audit Services

The vendor is required to provide independent auditing firms to perform comprehensive annual financial audits for the town of accordance with generally accepted auditing standards and all applicable local, provincial, and federal requirements.
- Specific audit approach
• The proposal should set forth a work plan, including an explanation of the audit methodology to be followed, to perform the service required.
• The information of audit program used, statistical sampling technique and tools, quality control program, usual content of management letter and organization of audit team.
- Time requirements
1. Annual schedule
• Before October 31st of each year of the contract the auditors, staff from the town and the chief financial officer (CFO) shall meet for the purpose of defining a schedule of joint activities which will lead to the assembly, audit and submission of the annual financial statement of the town for the year concerned, on or before April 30.
• The auditors shall present the annual financial statements to council no later than the council meeting on the third week in April of each year.
o The important key dates by which time necessary information is to be assembled by both parties. 
o A list of all the necessary schedules, working papers, analyses and any other information relevant to statement preparation.
o A definition of the responsibilities of the town and auditor’s staff with respect to preparation of all required documents with consideration that there is to be as much involvement from town staff as possible, at the least cost to the town. 
o Dates for meetings between the town and audit staff to review progress made by both parties.
2. Delivery of annual financial statements
• Audited annual financial statements shall be delivered to the attention of the CFO by the deadlines set out in the annual schedule.
• Preferably in conjunction with delivery of the annual financial statements, but in no case later than thirty (30) days following delivery of said statements, the auditor shall communicate in a management letter to the town of any reportable conditions found during the audit.
• A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure which could adversely affect the organization’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements.
• The management letter is considered a public document provided for information when the financial statements are presented for approval.
• The audited annual financial statements and the financial information return for the year ended December 31 by May 1 of the following year.
- Operating budget of approximately $22.04 million and a capital budget of approximately $4.95 million.
- Contract Period/Term: 4 years
- Questions/Inquires Deadline: August 1, 2025