Categorization of Audit Types

As part of updating this year's plan we have used category labels which align to those published by the Auditor General for the City of Toronto. All of our predecessor projects align to the framework with the bulk of the project conducted in the past 7 years fitting into the category of "Operational, Compliance, Performance Audits". Below, and on the following page, you will find a description of each audit type and then a summary 5 year perspective of the past and planned projects.

Financial Assurance or Attest Audits (not permitted)
Financial Audits (Excluding Attest & Assurance)	Operational, Compliance, Performance Audits	Fraud and Waste Hotline	Follow -up Audits
Management & Oversight

Financial Assurance or Attest Audits

The Municipal Act specifically precludes the Auditor General from being the Financial Statement Auditor of the Municipality. As such we are precluded from annually auditing the accounts and transactions of the City and its agencies and corporations. The external auditor expresses an opinion on the financial statements of these bodies based on the audit in a report which is considered by the then City Council.

The Auditor General co-operates with the work of the external auditor and exchanges relevant information therewith. Currently, KPMG LLP has been engaged to conduct audits of financial statements of the City and its major agencies and corporations.The City's external audit contract establishes KPMG as the auditor for all entities except for EWSWA. The audit of EWSWA is contracted by the County of Essex, however KPMG is also the auditor for the County.