NAIT is a board-governed, post-secondary institution that operates under the
Post-secondary Learning Act of Alberta. NAIT is a polytechnic institute which
serves central and northwestern Alberta, offering certificates, diploma, applied
degree, baccalaureate degree and apprenticeship programs.
The Agent will need to be available to provide services as follows:
• For the fiscal year ending March 31, 2022:
o Preparation and presentation of the audit plan with the Oversight
Leader to the audit committee - October or November.
o Interim audit work - between October 2021 and March 2022.
o Year-end fieldwork must be completed by mid-May 2022.
o Audit exit conference document must be prepared for discussion
with management in mid-May 2022, with the audit committee
meeting taking place at the end of May 2022.
o Issue an auditor’s report to the Auditor General on NAIT Board of
Governor’s approval of the consolidated financial statements. The
Auditor General will subsequently issue his Auditor’s Report to NAIT
along with any management letter comments typically by mid-June.
o Examination of NAIT’s annual report for consistency with the
audited consolidated financial statements – before September 30.
• For the subsequent fiscal years ending March 31:
o Timelines are similar to the above other than an audit plan would be
presented typically in September.
The Agent must complete the audit of the consolidated financial statements of
NAIT in accordance with Canadian generally accepted auditing standards. The
Agent’s auditor’s report will be addressed to the Auditor General who will rely
upon it to issue his own auditor’s report. The Agent’s audit opinion to the
Auditor General will not be provided to or discussed with the auditee or in any
way made public.
The Agent will also be responsible for preparing and appropriately supporting
any derivative communications (e.g., audit plan, exit document and
management letter) arising from the audit in collaboration with the Oversight
Leader with the form and content acceptable to the Auditor General.
To support the Auditor General in his role, an Agent is expected to identify
issues and develop recommendations. Outstanding recommendations to the
entity, if any, can be found in the annual Report on Post-secondary Institutions of
the Auditor General of Alberta on the website at www.oag.ab.ca.
