Audit Committee - General - January 22, 2010

Nil

November 18, 2009

Nil

Nil

1. Internal Audit Tracking Report – Revenue Operations(This report involves the security of property belonging to the Commission)

2. Internal Audit Tracking Report (July – December 2009)
3. Internal Audit Report – Pension Fund Society
4. Internal Audit Report – Treasury Services
5. Internal Audit Report – ITS – Project Management and Quality Assurance Sections
6. Internal Audit Capital Report – Mount Dennis Bus Garage
7. Internal Audit Capital Report – Queensway Bus Garage Renovation
8. Internal Audit Capital Report – 20 Year SRT Car Overhaul
9. Ernst & Young Consolidated Financial Statement Audit Plan - Year Ended December 31, 2009

Present were B. Saundercook, A. Giambrone and A. Perruzza (TTC Audit Committee), G.M. Webster (Chief General Manager), V. Rodo (General Secretary), R. Cornacchia (General Manager – Operations), J. Sepulis (General Manager – Engineering & Construction), M. Roche (Chief Financial Officer), J. Kennelly (Acting – Chief Auditor), P. Buttigieg (Chief Accountant – Financial Services), D. Hughes (Manager – Revenue Operations), J. Cannell (Manager – Pension Fund Society), A. Iannucci (Acting – Chief Information Officer), J. Griffiths (City Auditor General), M. Barrett (Ernst & Young) and F. Stanois (Co-ordinator – Secretariat Services) were present.
 
B. Saundercook was in the Chair.

Nil

Commissioner Perruzza moved that the TTC Audit Committee approve a resolution to meet in-camera on Friday, January 22, 2010 to deal with litigation or potential litigation matters, labour relations or employee negotiations and to receive advice which is subject to solicitor-client privilege.

Commissioner Saundercook moved that the TTC Audit Committee approve the minutes of the meeting held on Wednesday, November 18, 2009.  

Item No. 7 “Internal Audit – Long Range Plan (2010-2014)” G. Webster, Chief General Manager advised that, with respect to the Wheel-Trans Contract audit, a meeting has been arranged with the City Auditor General and the audit will be completed in 2010.  

Nil

1. Internal Audit Tracking Report - Revenue Operations
 
The Audit Committee:

1) Received the confidential information as set out in confidential attachment 1; and

2) Noted that the information as set out in Confidential Attachment 1 remain confidential in its entirety as it contains information that involves the security of property belonging to the Commission.

2. Internal Audit Report (July – December 2009)

The Audit Committee received for information the Internal Audit Report covering the period July – December 2009.

G. Webster, Chief General Manager advised that staff will bring forward a detailed work plan to the next TTC Audit Committee meeting addressing the completion dates for audit recommendations that are three years or older.

3. Internal Audit Report  - Pension Fund Society

The Audit Committee received the report for information.

4. Internal Audit Report - Treasury Services

The Audit Committee received the report for information.

5. Internal Audit Report - ITS - Project Management and Quality Assurance Section

The Audit Committee received the report for information.

6. Internal Audit Capital Report - Mount Dennis Bus Garage

The Audit Committee received the report for information.

7. Internal Audit Capital Report - Queensway Bus Garage Renovation

The Audit Committee received the report for information.

8. Internal Audit Capital Report - 20 Year SRT Car Overhaul

The Audit Committee received the report for information.

The Audit Committee also approved a motion by Chair Giambrone that all Audit Reports include management responses.

9. Ernst & Young Consolidated Financial Statement Audit Plan - Year Ended December 31, 2009

The Audit Committee received the report outlining the Ernst & Young audit plan for the audit of the Commission’s consolidated financial statements for the year ended December 31, 2009.

10. New Business

NIL

The meeting adjourned at 11:35 a.m.