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Infrastructure &
Finance Division
 

Statutory Deadlines for Regional District Submissions to the Ministry

 

Circular No. 11:04
ARCS File#: 195-20

 


 
February 9, 2011
 

To: All Regional District Financial Administrators

Re: Statutory Deadlines for Regional District Submissions to the Ministry 

In preparation for the upcoming busy season and to assist you in clarifying the elements and timelines of the statutory requirements, we have prepared the attached checklist. Please post the list and share it with others in your regional district that may be responsible for different aspects of the statutory requirements.

 

As you are probably aware, new Canadian Auditing Standards (CAS) have come out that will impact the 2010 audit of local governments. In particular, changes to CAS 700, Forming an Opinion and Reporting on Financial Statements, include significant changes to the date of the audit report. The new standard requires that the date of the auditor’s report be no earlier than the date of approval of the financial statements, in final form, by the board of the local government. This is a significant departure from the historical “date of substantial completion” and will require planning and communication with boards to ensure that the audit completion and the board meeting are sufficiently close together. Furthermore, as you are required to submit audited financial statements to the Ministry by May 16, 2011, you will also need to ensure the board meeting to approve the financial statements occurs prior to this deadline.

 

At this time we are in the process of updating our on-line reporting system (LGIS) for the upcoming reporting year. We anticipate that the system will be ready for entry of the 2010 LGDE forms in mid to late March, at which time we will send out a circular to notify you.

 

If you have any questions or need any further information please contact Brittany Johnson at Brittany.Johnson@gov.bc.ca or
call 250 387-8741.



Original signed by:

 


Talitha Soldera, CGA
Director, Local Government Finance

 

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