2022-04 - Southern Alberta Institute of Technology (SAIT) Financial Statement Audit

SAIT is a board-governed, post-secondary institution that operates under the
Post-secondary Learning Act of Alberta. SAIT is a polytechnic institute offering
degree, diploma, and certificate programs as well as a full range of continuing
education programs and activities.

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 SAIT’s Board of
Governors approval of the financial statements. The Auditor General
will subsequently issue his auditor’s report to SAIT along with any
management letter comments typically by mid-June.
o Examination of SAIT’s annual report for consistency with the audited
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 financial statements of SAIT 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 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. Auditor General’s templates will be provided to the Agent for each of these communications.

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.