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In August 2023, the Ontario government announced that it was postponing a provincewide property reassessment as it conducts a new review of the accuracy and fairness of the system. In 2022 alone, MPAC added more than $37.8 billion to municipal rolls across Ontario through its assessments of new construction and renovated properties.
Since "planning materiality" should affect the scope of both tests of controls and substantive tests, such differences might be of importance. Two different auditors auditing even the same entity might generate differing scopes of audit procedures, solely based on the "planning materiality" definition used.
It inherited the municipal administrative and regulatory functions which had briefly been the responsibility of the Ontario Municipal Board. Initially, it was responsible for supervising the affairs of the municipalities whose real property tax-revenue base had collapsed during the Depression.
The Government of Ontario (French: Gouvernement de l'Ontario) is the body responsible for the administration of the Canadian province of Ontario.The term Government of Ontario refers specifically to the executive—political ministers of the Crown (the Cabinet/Executive Council), appointed on the advice of the premier, and the non-partisan Ontario Public Service (whom the Executive Council ...
The auditor's office was created in 1869. [2]Before 1886, the auditor's office was an adjunct of the Treasury Department. [3] Since the passage of the 1886 Audit Act, the office has evolved (after the 1950 Audit Act) into an independent provincial agency. [2]
ISA 320 Audit Materiality is one of the International Standards on Auditing. It serves to expect the auditor is to establish an acceptable materiality level in design the audit plan . Materiality: The amount by which the Financial Statements must change in order to change the decisions made by users of the Financial Statements.
The Municipal Act of the Canadian province of Ontario [1] is the main statute governing the creation, administration and government of municipalities in Ontario, other than the City of Toronto. After being passed in 2001, it came into force on 1 January 2003, replacing the previous Municipal Act, 1990. [2] It has since been amended.
Circular A-131: Value Engineering, issued 26 January 1988, revised 21 May 1993 [2] and 26 December 2013. Contains guidance to support the sustained use of value engineering by federal departments and agencies; Circular A-133: Audits of states, local government and non-profit organizations: see OMB A-133 Compliance Supplement