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Specified Audit Procedures for Capital Wrap-Up Template. Financial Analysis & Accountability Branch September 2010. Purpose & Background. Capital Wrap-Up: Province is assuming $8.6B of Boards’ debts as of August 31, 2010

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specified audit procedures for capital wrap up template

Specified Audit ProceduresforCapital Wrap-Up Template

Financial Analysis & Accountability Branch

September 2010

purpose background
Purpose & Background
  • Capital Wrap-Up: Province is assuming $8.6B of Boards’ debts as of August 31, 2010
  • Each Board’s supported debt as determined through the Capital Wrap-Up Template (CWT) will represent the Accounts Receivable balance from the Government of Ontario on the 2009-10 F/S
  • Ministry must meet audit requirements for Public Accounts

2007-08 Grants for Student Needs

submission timelines
Submission Timelines
  • Ministry to review Boards’ submitted CWT from 2010-11 Estimates(These were submitted July 31, 2010 with estimates to August 31, 2010)
  • A Ministry reviewed template will be sent to Boards in early October
  • Boards will update their reviewed CWT based upon actual information as of August 31, 2010
  • Boards to submit updated CWT and specified audit procedures report with 2009-10 audited F/S – Deadline November 15, 2010 unless an extension has been granted by the Ministry

2007-08 Grants for Student Needs

debt schedule
Debt Schedule
  • Agreed total principal outstanding of all debentures as at August 31, 2010 to 2009-10 audited F/S
  • Agreed each outstanding principal debenture balance as at August 31, 2010 to the notes in the 2009-10 audited F/S
  • For all new debentures issued in 2009-10, agreed the original amount of the debenture (face value), interest rate and terms to debenture agreements/by-laws
  • For debentures issued prior to 2009-10, agreed the original amount of the debenture (face value), interest rate and terms to either the debenture by-law, audited notes to the F/S or auditors’ prior year working papers
  • For each debenture, agreed the future debt payments (principal and interest) to supporting documentation (i.e. the amortization schedule in debenture agreement)

2007-08 Grants for Student Needs

debt schedule continued
Debt Schedule continued
  • Agreed sinking fund (SF) contributions (up to August 31, 2010) for each SF debenture to supporting documentation (i.e. SF debenture by-law and/or amortization schedule)
  • Agreed future SF contributions for each SF debenture to supporting documentation (i.e. SF debenture by-law and/or amortization schedule)
  • Agreed the amount to be refinanced for each sinking fund debenture to supporting documentation (i.e. SF debenture by-law, Board motion/minutes)
  • Agreed assumed rate of return for each sinking fund debenture to supporting documentation (i.e. SF debenture by-law, Board motion/minutes)

2007-08 Grants for Student Needs

project eligibility amounts schedule
Project Eligibility Amounts Schedule
  • Column 14 Represents:
    • Actual project costs incurred up to August 31, 2010; and
    • Estimated remaining project costs to be completed based upon approvals at August 31, 2010
  • Select 5 most recently completed permanent space projects
  • For actual project costs incurred up to August 31, 2010, obtain detailed listing from G/L and vouch the 5 largest invoices
  • Amounts to be Constructed should be nil as the sample is selected from completed projects

2007-08 Grants for Student Needs

not permanently financed npf
Not Permanently Financed (NPF)
  • Agreed opening NPF balance in 2009-10 FS Section 12 of EFIS to closing Capital Fund balance from audited 2008-09 F/S
  • Agreed closing NPF balance in 2009-10 FS Section 12 of EFIS to opening NPF balance in Section 12 worksheet of CWT
  • Select 5 projects based on 5 largest NPF balances from Column 21 of Project Eligibility Amounts Schedule of CWT
  • NPF = Total Project Costs – Long-Term (LT) Financing – Cash Contributions
  • For Project Costs in Column 14: For actual project costs incurred up to August 31, 2010, obtain detailed listing from G/L and vouch 5 largest transactions to invoices.
  • For LT Financing in Columns 19 and 20: Review Board’s allocation of debenture balances to each project and agree to supporting documentation (i.e. Board motion)

2007-08 Grants for Student Needs

not permanently financed npf continued
Not Permanently Financed (NPF) continued
  • For Cash contributions in Column 18:
    • For amounts recorded in Column 18, agree to Board motion/Ministry approval letter.
    • If no Cash reported in Column 18, enquire of Board if there was a Board motion or Ministry approval for the project and agree amount to Column 18.
  • For Amounts to be Constructed in Column 17.7 & 22:
    • Agreed to a summary of estimated project costs.

2007-08 Grants for Student Needs

project debenture matrix
Project Debenture Matrix
  • Select 3 largest OFA and 3 largest Non-OFA debentures
  • Agree Board’s allocation of debt to different projects to supporting documentation. Examples include:
    • Board minutes/motions
    • Debenture by-laws
    • Debenture agreement
  • If the total allocation of the debt is less than 80% of the value of the debenture based upon supporting documentation, obtain explanation from Board.

2007-08 Grants for Student Needs

pupil accommodation debt reserve padr balance
Pupil Accommodation Debt Reserve (PADR) Balance
  • Consists of New Pupil Places (NPP), School Renewal and Other Reserves
  • The NPP portion of the reserve will reduce the Accounts Receivable balance from the Government of Ontario on the 2009-10 FS
  • Boards will be able to keep School Renewal and Other reserves
  • Table in the CWT will be completed by the Board
  • Balance of School Renewal reserve as of August 31, 2009 will be pre-loaded by the Ministry
  • Review the 2009-10 transactions and agree to 2009-10 active EFIS FS or supporting documentation
  • Provide a description and amount of other capital reserves reported in the 2008-09 FS

2007-08 Grants for Student Needs

leasing report
Leasing Report
  • Sample size: Select 50% of items reported up to a max of 4
  • Review each selected lease and ensure meets PSG 2 of CICA HB
  • Agree original capitalized value based upon lease agreement
  • Agree remaining capitalized value based upon lease agreement/amortization schedule
  • Agree implicit rate to lease agreement
  • Agree 2009-10 capital lease amount and lease escalator to lease agreement
  • Agree lease start and end date to lease agreement
  • Agree future annual lease amounts to lease agreement

2007-08 Grants for Student Needs

contacts
Contacts

Anthony Yeung

Manager

Transfer Payment Accountability Unit

(416) 314-0790

Anthony.Yeung@ontario.ca

Cheryl Dalrymple

Finance Officer

Transfer Payment Accountability Unit

(416) 325-2038

Cheryl.Dalrymple@ontario.ca

2007-08 Grants for Student Needs

questions
QUESTIONS ??

2007-08 Grants for Student Needs