March 6, 2019 > 2:30 p.m. – 3:30 p.m.
Guelph Trillium Room
Present: Christine Billings (Chair), George Bridge, June Hofland and Nancy MacDonald.
Regrets: Ralph Manktelow.
Staff: Dr. Mercer, Dr. M. Tenenbaum, David. Kingma, Shamendree. Naidoo and Sylvia Muir (Recording Secretary).
Guests: Matthew Betik, KPMG (Auditor).
1. Call to Order
- C. Billings called the meeting to order at 2:30 p.m.
2. Disclosure(s) of Pecuniary Interest
- There were no declarations of conflicts identified.
3. Approval of Minutes
- MOTION: “To approve the Minutes of the meeting of April 11, 2018.”
- Moved: J. Hofland, Seconded: N. MacDonald, CARRIED
4. Presentation(s)
KPMG Audit Planning Report for Year-Ending December 31, 2018
- C. Billings welcomed M. Betik, Auditor, from KPMG.
- M. Betik commenced review of the KPMG Audit Planning Report document for the year-ending December 31, 2018, which is a high-level audit plan for the year. Auditor briefly reviewed pages 1-14 and made notes with respect to the following points:
- Page 3 – Executive Summary – KPMG is independent and, therefore, they have no invested interest in WDGPH.
- Pages 4 + 5 – Audit Approach - Fraud Risk - Auditors will be performing control tests to ensure there are no intentional misrepresentations that come from revenue recognition and from management override of controls (looking at journal entries). Other areas of focus include: tangible capital assets, payroll expenditures, accounts payable and cash.
- Page 6 – Materiality - $32,000 (Audit Misstatement Posting Threshold) is the threshold used to accumulate misstatements identified during the audit. Any item is subject to testing.
- Page 9 – Audit Cycle and timetable. Audit field work starts at WDGPH the week of March 11th, 2019.
- Page 14 – Appendix 4: Current Developments – It was noted by the Auditor of the upcoming accounting standard change(s) outlined in Appendix 4 including: Asset retirement obligations will come into effect April 1, 2021. This will effect leases and will appear as an unfunded liability.
- M. Betik advised that the only change for this audit will be to the look of the Auditors Report. The approach remains the same.
5. Audit Committee Report(s)
- NONE.
6. Closed Session:
- Approval of Closed Session Minutes of April 11, 2018 Audit Committee Minutes.
- Discussion between Auditor and Audit Committee, without the presence of WDGPH Management. S. Muir (Recorder) to remain for Closed Session [personal matters about an identifiable individual, including BOH employees].
- (2:57) MOTION: “To move into Closed Session to approve Closed Session Audit Committee Minutes of April 11, 2018; and for discussion with Auditors without the presence of WDGPH Management [personal matters about an identifiable individual, including BOH employees].”
- Moved: J. Hofland, Seconded: G. Bridge, CARRIED
CLOSED SESSION
Present: Christine Billings (Chair), George Bridge, June Hofland and Nancy MacDonald.
Regrets: Ralph Manktelow.
Staff: Sylvia Muir (Recorder) - No WDGPH Management.
Guest(s): Matthew Betik, KPMG (Auditors).
CLOSED SESSION MINUTES TO BE PROVIDED UNDER SEPARATE COVER.
(3:03) Returned to Open Session
(3:03)WDGPH Management/Staff returned to Open Session meeting. Auditors left meeting.
7. Next Meeting
- (Wed) April 3, 2019, from 2:30 to 3:30 p.m. Auditors to be present.
8. Adjournment
- The meeting was adjourned at 3:05 p.m. MOTION: “To adjourn meeting.”
- Moved: J. Hofland, Seconded: N. MacDonald, CARRIED
