The Sunshine Coast Regional District (SCRD) has just received another successful independent auditor's report for its 2012 financial statements.
Each year, as part of its statutory requirement, an independent financial audit is conducted, which involves a comprehensive process to obtain reasonable assurance about whether the financial statements are free from material misstatement. 2012 resulted in the third consecutive year of zero misstatements found.
A financial audit is different than a service review or forensic audit. A service review or "value for money' audit, as defined in the new auditor general for local government service plan 2012-13, "is an unbiased examination, carried out in accordance with professional standards, of a service, program, or project to assess whether it is being carried out with due regard to economy, efficiency, and effectiveness."
A forensic audit usually is a result of criminal or legal consequence.
"Service reviews are an important goal for the SCRD board," said board chair Garry Nohr in a news release. "Part of the SCRD's strategic plan financial sustainability principle, is to conduct regular internal service reviews to examine efficiencies and benchmarking for those services."
In 2012/2013, the recreation services division service review was completed with the regional water department to be reviewed next.
Financial statements for 2012 were prepared by management in accordance with the generally accepted accounting principles for local governments, as recommended by the Public Sector Accounting Board.
External auditors - in this case, BDO Canada LLP - conduct an independent examination and express their opinion on the financial statements.
The audited financial statements are part of the agenda for the April 25, 2012 corporate and administrative services committee meeting, which is posted on the SCRD's website, www.scrd.ca, under 2013 agendas.
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