2019 Consolidated Financial Statements Report

Home Browse Search

Administrative Report Page 2 June 3, 2020 2019 County of Essex Consolidated Financial Report Report on the Trust Fund Statement of Financial Position and Statement of Continuity. The 2019 audit was conducted by KPMG LLP. The auditor's opinion is attached to the Consolidated Financial Report. Audit Opinion KPMG has expressed a clean (unqualified) audit opinion following its examination of the accounts of the Corporation. An unqualified audit opinion is an auditor's judgement that the Corporation's results of operations for the year ended December 31, 2019, and its financial position as at December 31, 2019 are fairly and appropriately represented in accordance with Generally Accepted Accounting Principles (GAAP) in the Consolidated Financial Report. KPMG Audit Findings Report: 2019 Financial Statements Professional standards require KPMG to communicate to County Council, as the Corporation's governing body, on financial controls and accounting policies such as: unusual transactions, illegal and fraudulent activities, audit discrepancies, Auditor independence, etc. Attached as Appendix A is KPMG's correspondence to Council. Provided below is a summary of KPMG's findings: No significant changes in accounting policies and practices No identification of differences requiring correction No identification of control deficiencies Due to the COVID-19 pandemic that occurred immediately following the completion of the 2019 year end, auditing standards require the Corporation and KPMG to assess the financial impact the pandemic may have on the Corporation. Based on discussions between KPMG and Administration, it is too early to assess the impact on the Corporation's operations in 2020. A note to the financial statements has been added to reflect this subsequent event and its associated uncertainty on future operations.