Audit Services

The Vendor is required to provide audit of the financial statements (the “financial audit”) for the college foundation must be conducted in accordance with standards.
- Timing of the auditor’s reports:
• Financial statement auditor’s report, addressed to the members of the college foundation, having format and content consistent with generally accepted standards; and
• Finance committee with the auditor’s report in sufficient time to enable the foundation to meet any statutory reporting requirements.
• The timing for the report is in April of each year.
• This date is based on currently available information and can be subject to change.
- Management letter:
• The auditor will prepare a management letter for the financial audit that highlights observations and recommendations related to internal control, accounting issues, or other matters identified during the audit.
• The auditor should pay special attention while carrying out the audit for any significant instances or patterns of behaviour that give rise to concerns about:
o Accountability in the use and management of employer’s monies;
o Waste or misuse of the college foundation resources;
o Probity in behaviour;
o Compliance with financial and other legislation; or
o Any other significant instances or patterns of concern.
- Audit responsibilities:
• Management is responsible for the preparation and fair presentation of the financial statements, including the maintenance of appropriate accounting records and internal controls.
• The auditor will be responsible for expressing an independent opinion on the financial statements based on the audit conducted in accordance with generally accepted standards.