In the Province of Ontario on April 30th of each year following a fiscal year, each municipality is required to issue two external reports regarding the operations of the previous year – their Financial Statements and their Financial Information Return (FIR).
The Financial Statements are annually audited statements providing municipal financial information as the basis for accountability to the ratepayers and inhabitants of the municipality. The Statements must be prepared in accordance with generally accepted accounting principles for Ontario municipalities. These are derived primarily from three sources including the Municipal Financial Reporting Handbook, (a set of reporting guidelines issued by the Ontario Ministry of Municipal Affairs for application by municipalities and their local boards), the standards issued by the Canadian Institute of Chartered Accountants contained in the CICA Handbook, and the standards set by the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants.
We at Edward & Manning are pleased to offer the following services to Municipalities in Ontario:
- Financial statement audit
- FIR support