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Niagara Falls
Sunday, February 5, 2023
Town hires KPMG to conduct annual audit
KPMG presents the plan for their annual financial audit of the town at the special council meeting, Tuesday night. File Photo

The town’s 2022 finances are going to be audited later this year by a private consultant. 

Carlos Alvarez, an auditor with the KPMG, presented the plans to council Tuesday night.

He said the company will comb over the finances for acts of fraud and “override of controls,” when managerial staff interfere with normal monetary transactions. 

“We are required to respond to these two risks and we will respond in our audit file,” Alvarez told council.

The auditors will also assess financial misstatements for the level of risk they bring to the town.

They determine this level of risk through a professional judgment on what can “reasonably be expected to influence the economic decisions of users.”

Town treasurer Kyle Freeborn told The Lake Report the financial audit takes place every year and the next update should be in late spring. 

 

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