REPORT - Spread the words.

2020 Audit Plan and Presentation by KPMG John Stelter and Tasha Olivieri from KPMG presented the 2021 Audit Plan, which included an overview of the approach to the audit, materiality, and timelines for the audit. [...] Presumption of the risk of fraud involving improper revenue recognition; Presumption of the risk of fraud resulting from management override of controls; Recognition of revenue amounts subject to external restrictions; Independence Accuracy and valuation of investments; Completeness, existence and accuracy of tangible capital assets; and Completeness, existence and accuracy of operatin. [...] ___________________________________________________________________ This Audit Planning Report should not be used for any other purpose or by anyone other than the Library Management and the Finance and Audit Committee and the Board of Directors of the Library. [...] $55.0 million Materiality Determined to plan and perform the audit and to evaluate the effects of identified $1.6 million misstatements on the audit and of any uncorrected misstatements on the financial statements (2020 materiality - $1.6 million) % of Benchmark Approximately 3% Performance Materiality Calculated as 75% of materiality, and used primarily to determine the nature, timing and $1.2 mi. [...] Current mitigation EPL has a number of mitigation strategies in place including representation on the steering committee, the advisory group and the working groups, the appointment of a Program Manager and Business Analyst as well as establishing roles and responsibilities documents to clarify EPL’s governance structure and project management accountability.