July 21, 2000
VALERIE G. CONNELL
Nunatsiaq News
IQALUIT — In its May 23 management letter that accompanied the Town of Iqaluit’s 1999 financial audit, chartered accountants MacKay Landau have recommended that the Town’s finance, legislation, and administrative committee, or "FLAC," be changed to make it more effective.
MacKay Landau said the FLAC committee "can serve an important role" in improving financial reporting to council.
MacKay Landau recommends that the FLAC committee study monthly financial statements with the administration ,and annual audited financial statements with auditors and the administration and then make reports to council.
The auditors also recommends that the FLAC committee meet with auditors to get a better understanding of the extent of auditor’s work.
They also recomend that:
• After completion of the audit, the FLAC committee study the audited financial statements before they go to Council for approval;
• Discuss unresolved issues arising between the auditors and the administration;
• Discuss major issues resolved during the audit;
• Discuss recommendations in the auditor’s management letter "to ensure that appropriate action is taken."