ICYMI: KPMG resigns as City of Chestermere's auditor after legal threats
In financial statements quietly uploaded to Chestermere’s website, municipal officials say KPMG — one of the so-called Big Four accounting organizations — conducted the annual audit of the city’s financials, and council approved the statements in November 2022. However, KPMG says it never finished the audit, having been forced to resign before it could do so.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.
The financial package is dated Dec. 7, 2022, six days after KPMG’s resignation. In its Dec. 1, 2022 resignation letter, also obtained by Postmedia, KPMG said it was required to resign due to a breakdown in its relationship with the city and the impairment of its independence in the audit “by virtue of a repeated threat of litigation against KPMG by the city.”Article content
The province mandates municipalities submit audited financial statements each year in May. While the financial statements were approved by council, the province requires financial statements to include an audit report signed by the auditor. As such, the province has not accepted the city’s financial statements.
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