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Opinion on Financial Statements –Audit Process <br />December 2020 and January 2021 <br />Planning and preliminary testing <br />January –March 2021 <br />City staff accumulate data, record year-end accruals, prepare audit <br />workpapers, and close the books on 2020 <br />April 2021 <br />Auditor receives trial balance and workpapers; audit planning is <br />finalized <br />Audit fieldwork began April 26 <br />May 2021 <br />Financial statements are drafted by the auditor, reviewed by finance <br />staff. Transmittal letter and MD&A are prepared. <br />Final audit reports issued May 28 <br />4