An independent accounting firm tasked with auditing Toronto City Hall’s financial practices says the city’s bookkeeping is “often erroneous” or “incomplete.”
KPMG, which annually reviews the municipality’s accounting, has submitted a letter to the city’s Chief Financial Officer highlighting control deficiencies that it says “are of sufficient importance to merit management’s attention.”
“Watching over the public’s money, and over the finances and resources of this city is tremendously important, not just to me as a councillor but to every taxpayer,” audit committee chair Stephen Holyday told CTV Toronto Friday. “I’d like to see those controls maximized.” The city agreed with the need to strengthen the financial reporting acumen and technical expertise of its staff, according to the firm, and is developing new training materials.
The petty cash accounts, the letter says, lack proper oversight, which increases the risk of misappropriation.
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