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2021 Consolidated Financial Statements - Signed Audit Report KPMG
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2021 Consolidated Financial Statements - Signed Audit Report KPMG
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Last modified
7/21/2023 1:56:38 PM
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7/21/2023 1:56:28 PM
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F - Finance and Accounting
F - Finance and Accounting - Date
12/31/2021
Type of Document
Financial Statements
F - Finance and Accounting - Description
2021-12-31-County-of-Essex-FS_UA
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<br /> <br />Page 2 <br /> <br /> <br /> <br /> <br />Responsibility of Management and Those Charged with Governance <br />for the Financial Statements <br />Management is responsible for the preparation and fair presentation of the financial <br />statements in accordance with Canadian public sector accounting standards, and for such <br />internal control as management determines is necessary to enable the preparation of <br />financial statements that are free from material misstatement, whether due to fraud or error. <br />In preparing the financial statements, management is responsible for assessing the <br />Corporation’s ability to continue as a going concern, disclosing as applicable, matters <br />related to going concern and using the going concern basis of accounting unless <br />management either intends to liquidate the Corporation or to cease operations or has no <br />realistic alternative but to do so. <br />Those charged with governance are responsible for overseeing the Corporation’s financial <br />reporting process. <br />Auditors’ Responsibilities for the Audit of the Financial Statements <br />Our objectives are to obtain reasonable assurance about whether the financial statements <br />as a whole are free from material misstatement, whether due to fraud or error, and to issue <br />an auditors’ report that includes our opinion. <br />Reasonable assurance is a high level of assurance, but is not a guarantee that an audit <br />conducted in accordance with Canadian generally accepted auditing standards will always <br />detect a material misstatement when it exists. <br />Misstatements can arise from fraud or error and are considered material if, individually or in <br />the aggregate, they could reasonably be expected to influence the economic decisions of <br />users taken on the basis of the financial statements. <br />As part of an audit in accordance with Canadian generally accepted auditing standards, we <br />exercise professional judgment and maintain professional skepticism throughout the audit. <br />We also: <br />• Identify and assess the risk of material misstatement of the financial statements, <br />whether due to fraud or error, design and perform audit procedures responsive to those <br />risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for <br />our opinion. <br />The risk of not detecting a material misstatement resulting from fraud is higher than for <br />one resulting from error, as fraud may involve collusion, forgery, internal omissions, <br />misrepresentations, or the override of internal control. <br />• Obtain an understanding of internal control relevant to the audit in order to design audit <br />procedures that are appropriate in the circumstances, but not for the purposes of <br />expressing an opinion on the effectiveness of the Corporation’s internal control. <br />• Evaluate the appropriateness of accounting policies used and the reasonableness of <br />accounting estimates and related disclosures made by management.
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