Council receives update on financial audit

Meetings with the audit committee will begin by the end of October.

Chestermere City Council was presented with a 2021 audit update during the Oct. 18 council meeting.

The acting Chief Administrative Officer (CAO) Kim Wallace on behalf of Ann Thai of Finance Corporate Services, explained to council that the audit process was stopped on July 28, and resumed on Sept. 29.

“The audit stopped because of the investigations about Chestermere Utilities Incorporated (CUI) and financial irregularities. They had some questions regarding the update to the land sale that’s being held and our dissolution,” Wallace said.

“We have given them that information many times, so the fact they came back to ask questions, we’re not quite sure why, but we’re trying to be as helpful as possible,” Wallace added. “We met with them many times, and their intention is to complete the audit as quickly as possible for us.”

In October, Thai updated an investment continuity spreadsheet, KPMG reviewed the spreadsheet, and submitted it to the auditor.

She also corrected typos and discrepancies in the budget data, contacted the city’s lawyer to change the wording to reflect the current status of the claim, and provided the auditor with an update on the land for sale.

KPMG came back to the city, asking for an update on the employee termination policy and authorization for severance pay. Thai provided the policy and update on the new authorization procedure on payouts over $75,000, as any payment over $75,000 must be approved by the mayor, Wallace said.

Thai also provided the working progress checklist on the dissolution of the Utility Co., to the auditor.

After reviewing the financial statement, KPMG will review the Municipal Financial Information report (MFIR), Wallace said.

Meetings with the audit committee will begin by the end of October.

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In response to Canada's Online News Act and Meta (Facebook and Instagram) removing access to local news from their platforms, Anchor Media Inc encourages you to get your news directly from your trusted source by bookmarking this site and downloading the Rogue Radio App. Send your news tips, story ideas, pictures, and videos to info@anchormedia.ca


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