澳门六合彩开奖预测

Board of Governors - APPENDIX III - March 30, 2000

REPORT OF THE AUDIT COMMITTEE

FOR INFORMATION

Appointment of Auditors

At its meeting of February 3, 2000, the Audit Committee appointed Ernst and Young as auditors for The University of 澳门六合彩开奖预测 Ontario's fiscal year end audits of April 30, 2000 to April 30, 2002.

While recognizing that the three-year fee quotation (below) provides an element of cost containment, the Committee discussed the merits of a one-year versus a three-year appointment contract. Members were informed that the three-year contract includes the following "out clause" [sec. 5.1]:

Either the University of Ernst and Young may, without cause, effect cancellation of the agreement at any time prior to the expiry by giving at least thirty (30) days prior written notice to the other and no financial compensation will be exercised by either party as a result of such cancellation.

In light of this provision, the Committee concluded that a three-year contract was not inappropriate.

FOR APPROVAL

Audit Fees

Recommended: That the Board of Governors approve the following audit fees for fiscal year audits of April 30, 2000 - April 30, 2002:

	2000	2001	2002
Corporate
Combined Financial Statements	76,065	76,065	76,065
Employee Post-Retirement Benefit	3,680	2,455	2,455
Total Corporate	79,745	78,520	78,520

Government Required
Audit of Enrolment	5,500	5,500	5,500
ATOP	3,250	3,250	3,250
ATOP Enrolment Audit (estimated)	6,500	3,900	3,900
OSOTF	3,900	3,900	3,900
CSP - per project	500	500	500
OSAP (estimated)	19,500
Total Government Required	39,150	17,050	17,050
TOTAL FEES	118,895	95,570	95,570
NB: Fees are exclusive of Ernst & Young's 8% administrative charge and GST.

Background:

The University and Ernst & Young has had an ongoing relationship which has resulted in cost effective and quality services. In accordance with the Purchase of Goods and Services Policy, prior to the proposal, a discussion was held with individuals using the services of Ernst & Young to determine their satisfaction level. The conclusion was individuals continue to be satisfied with the service provided.

The University then sent a Request for Proposal to Ernst & Young asking them to respond to our objectives of maintaining fees at a reasonable level while receiving a quality audit. Other objectives included:

Consideration of growth in student enrolment and capital projects over the next three years.

Staff assigned to the University audit are well-qualified and knowledgeable about University processes.
Communication to include a review of service requirements and quality of service.
A review of the necessity of audits for the related corporations of London Museum of Archaeology, Lawson-Jury Heritage Foundation, and The University of 澳门六合彩开奖预测 Foundation Inc.

In response to our request, Ernst & Young:

Proposed no change to the overall corporate audit fee, after including the administrative fees. The administrative fee is increasing from 6% to 8%, however the base fee was reduced by the increase, resulting in no change to the University.
Audit work for implementing new accounting rules for employee post retirement benefits are proposed to be $3,680 for the first year, decreasing to $2,455 in 2001-2002. The fees are applicable when the new rules are implemented, either in 2000 or 2001.
No major fee changes to existing government required audits.
Concluded that audits for related corporations are required. The fees proposed for these entities are approved by their Boards.
Proposed jointly developing service expectations and a scorecard.

After evaluating and discussing the proposal internally and with Ernst & Young, the conclusion is that the University supports this proposal.