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Meeting Document Type: 
Minutes
Audit Committee Meeting Minutes

Board Members Present:

Tracey Bailey, Treasurer 

Board Member Regrets:

Robert Maich, Audit Committee Member

Administration Present:

Nicole Dupuis, Lorie Gregg, Amy Wolters, Lee Anne Damphouse

Guests:

Cynthia Swift, Partner, KPMG LLP


QUORUM: Confirmed

 

Call to Order
Board Treasurer, Tracey Bailey, called the Audit Committee meeting to order at 2:00 pm.

  1. Agenda Approval
    Motion: That the agenda be approved.
    CARRIED

  2. Announcement of Conflict of interest – None
  3. Approval of Minutes

    1. Audit Committee Meeting:  July 15, 2021
      Motion: That the minutes be approved.  
      CARRIED

  4. Standing Items

    1. KPMG Audit Planning Report (C. Swift, Partner, KPMG LLP)
      C. Swift walked through the audit planning report, noting that there has been some financial impact on the Health Unit resulting from the COVID-19 Pandemic.  She touched upon risks and the approach from an audit perspective, namely the review transactions, and journal entries to ensure that management cannot manipulate. In addition, she spoke about the approach to the audit of future employee benefits, and the requirements to review the actuarial report, and the underlying assumptions.  Lastly, she discussed the audit fees and reminded the Committee that they are based upon the fee proposal to the City of Windsor with a minor additional cost associated with work to be performed on account of management estimates. 
      Motion: That the information be received.
      CARRIED
  5. In-Camera Sessions

    1. In-camera Session with External Auditors
      L. Gregg noted that the Treasurer, T. Bailey, has the option to go into an in-camera session with the Auditor.  T. Bailey waived the option to go in-camera.
    2. In-camera Session with Management
      L. Gregg noted that Management has the option to go into an in-camera session with the Auditor. Management waived the option to go in-camera
  6. New Business - None
  7. Next Meeting: At the Call of the Chair, or Thursday, June 16, 2022 @ 3:30 pm
    At the Audit Findings Committee meeting on June 16, 2022, draft Audited Financial Statements and a Recommendation Report with an Analytical Review will be provided to the Audit Committee for review. The Audit Committee will bring forward the Audited Financial Statements to the Board for approval in July 2022. 

  8. Adjournment
    Motion: That the meeting be adjourned.
    CARRIED
    The meeting adjourned at 2:08 pm.


RECORDING SECRETARY: L. Damphouse

SUBMITTED BY: N. Dupuis

APPROVED BY: WECHU Audit Committee - June 16, 2022