Friday, February 4, 2011
9:30 AM

Committee Room 2, 2nd Floor
Toronto City Hall

A meeting of the TTC Audit Committee was held on Friday, February 4, 2011 commencing at 9:40 a.m. in Committee Room 2, 2nd Floor, City Hall, Toronto in order to discuss business related to the Commission.

Present were F. Di Giorgio N. Kelly and D. Minnan-Wong  (TTC Audit Committee), V. Rodo (General Secretary), D. Beecroft (Chief Auditor), R. Cornacchia (General Manager – Operations), J. Sepulis (General Manager – Engineering & Construction), J. Griffiths (City Auditor General) M. Roche (Chief Financial Officer), P. Buttigieg (Chief Accountant – Financial Services), C. Russell and M. Walsh (PriceWaterhouseCoopers) and F. Stanois (Co-ordinator – Secretariat Services) were present.

The General Secretary advised that it was customary for the TTC Audit Committee to appoint a Chair.

D. Minnan-Wong accepted the position of Chair.

Declaration of Interest - Municipal Conflict of Interest

In-Camera Resolution

Minutes of the Previous Meetings

F. Di Giorgio moved that the TTC Audit Committee receive the minutes of the meeting held on Thursday, October 14, 2010.

Business Arising Out of Minutes

Public Presentations

Reports with Confidential Attachments (Committee of the Whole)

Other Business

1. Price-WaterhouseCoopers Consolidated Financial Statement Audit Plan – Year Ended December 31, 2010

The Audit Committee received the foregoing report from PriceWaterhouseCoopers (PWC) noting the report outlines the PWC’s audit plan, for the audit of the Commission’s consolidated financial statements, for the year ended December 31, 2010.

The Audit Committee also requested that staff provide a report outlining the differences between the previous audit procedures and that of the new accounting standards effective January 1, 2011.

2. Internal Audit Report (July – December 2010)

The Audit Committee received the foregoing internal audit report covering the period July – December 2010 for information.

3. Internal Audit Capital Report – Purchase of 198 Wheel-Trans Buses

The Audit Committee received the foregoing report for information.

4. Internal Audit Capital Report – Wilson Complex – Modifications For the Toronto Rocket

The Audit Committee received the foregoing report for information.

5. Internal Audit – Long Range Plan (2010 – 2014)
 
The Audit Committee received the internal audit long range plan 2010 – 2014 for information.

The Audit Committee also requested that the Chief Auditor report back at the next meeting on the process used to develop the long range plan.

TTC AUDIT COMMITTEE MEMBERS

Frank Di Giorgio
Norm Kelly
Denzil Minnan-Wong