REPORT - Spread the words.

Materiality Determined to plan and perform the audit and to evaluate the effects of identified $1.59 million $1.95 million misstatements on the audit and of any uncorrected misstatements on the financial statements. [...] Engagement Letter Rider Planning and risk assessment Execution Reporting • Understanding the expected impact on the • Understanding the changes in Library’s environment, • Understanding the potential financial relevant metrics for determining materiality and changes in the Library’s system of internal control, reporting impacts, including: (including the benchmark) and the implication of and their. [...] Any balance above the target will be transferred to the Restricted Reserve and applied to the Library’s capital projects as proposed by the Executive Team and approved by the Board. [...] Continued work was performed in 2019 with a report presented to the Board in November, addressing three actions identified with the 2018 report: developing the final elements of the risk management framework, implementing active and formal monitoring of principal risk areas using the processes and tools of the risk management framework and developing formal risk monitoring and management strategie. [...] The information was consolidated and a collaborative discussion with SLT was conducted to review the concepts of risk and enterprise risk management, and to identify, define and quantify risks.