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2020-2021 SU Audited Financial Statements approved at SLC

By Sophia Lopez, November 22 2021—

This week’s Students’ Legislative Council (SLC) was held on Nov. 16. The main topic of discussion was internal business which consisted of the Students’ Union (SU) 2020-2021 Audited Financial Statements. 

VP OpFi Mickail Hendi discussed the status of the audit, went over an overview of the audit findings and provided a summary while also mentioning the next steps that needed to take place. 

Hendi went over how the auditors were satisfied when it came to looking for fraud risk, the SU amortization schedule, the SU’s COVID-19 response and any financial statements. 

Hendi mentioned that the audit is substantially completed –– meaning it still needs to be signed off by SU President Nicole Schmidt, approved by the council and an update must be sent to the auditors to inform them of any subsequent events, procedures and legal inquiries. 

“Basically, our next steps here –– we have to approve the audit, and once we’ve done that, we can send the audit over to President Schmidt’s desk and she will sign off on the management representation letters,” said Hendi.

After Hendi’s presentation, the Faculty of Kinesiology representative, Areeb Qayyum, asked a question regarding the criteria of the audit. Hendi responded stating that the criteria of the audit consisted of solely deeming a category satisfactory or unsatisfactory, but that if something were to be classified as unsatisfactory, more sub-criterion would exist to determine the cause of that.

After no abstentions or votes in opposition of the resolution, the 2020-2021 SU Audited Financial Statements were approved by the council. 

Agendas, minutes and upcoming meetings for SLC can be found online.

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