During the regular Nov. 22, 2021 council meeting, City of Wetaskiwin Council was presented with the results of the 2020 consolidated financial statements from the city’s 2020 Financial Statements Audit.
The audit was conducted by representatives from Grant Thornton LLP, the accounting and advisory firm hired by the city. In the audit, Grant Thornton concluded that the consolidated financial statements of the City of Wetaskiwin are fairly presented in all material respects and are in accordance with Canadian public sector accounting standards.
The city followed all accounting standards and as a result Grant Thornton has given the city a clean audit report.
“Now that the City has received a positive audit report from Grant Thornton, Administration can focus its attention on the upcoming 2021 year-end, and 2022 budget conversations which will start early in the new year,” said David Reynolds, Manager of Finance.
Grant Thornton’s audit focused on three areas:
• Fraud risk from management override;
• Fraud risk from revenue recognition;
• And accounting estimates.
The analysis of the three areas found no issues or discrepancies between what was observed in the audit and want was reported by management.
Municipalities are required by the Municipal Government Act to prepare annual audited financial statements and return them to Alberta Municipal Affairs by May 1 of each year.
The results of the 2020 consolidated financial statements and previous audits are available to the public on the City of Wetaskiwin’s website.