Audit Committee - General - January 23, 2012

Resolution to conduct a portion of the meeting in the absence of the public (Committee of the Whole) in accordance with Section 29 of the TTC By-Law to Govern Commission Proceedings and section 190 of the City of Toronto Act

(a) Internal Audit Report – Revenue Operations
(This report contains information that involves the security of property belonging to the Commission)

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Requests to speak must be registered in writing by 12:00 Noon of day preceding meeting day.

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1. Reports with Confidential Attachments

• Internal Audit Report – Revenue Operations (FOR INFORMATION)

2. Presentations

3. Other Business

1. PricewaterhouseCoopers Consolidated Financial Statement Audit Plan - Year Ended December 31, 2011 (FOR INFORMATION)
2. Adoption of Public Sector Accounting Standards (FOR INFORMATION)
3. Internal Audit Report – [August - December 2011] (FOR INFORMATION)
4. Internal Audit Report – Bus Maintenance Department – Duncan Shop and Fleet Management (FOR INFORMATION)
5. Internal Audit Report – Plant Maintenance Department – Building Equipment, Facilities, and Plant Maintenance Engineering (FOR INFORMATION)
6. Internal Audit Report – Birchmount Bus Garage Repair Bay Modifications Project (FOR INFORMATION)

4. New Business

5. Correspondence

A correspondence summary will be distributed at the meeting. 

Present were Commissioners F. Di Giorgio, N. Kelly and D. Minnan-Wong (TTC Audit Committee), G. Webster (Chief General Manager), A. Byford (Chief Operating Officer), V. Rodo (General Secretary), D. Beecroft (Chief Auditor), D. Dixon (General Manager – Operations), S. Ghaly (Chief Capital Officer – Engineering, Construction & Expansion), M. Roche (Chief Financial Officer), P. Buttigieg (Chief Accountant – Financial Services), S. Tippett (Superintendent – Financial Statements), A. Cassar (Supervisor – Accounting Policy & Financial Reporting), T. Baik (Chief Project Manager – Construction), O. Kobylanski (General Superintendent – Bus Maintenance), G. Shortt (General Superintendent – Plant Maintenance), J. Griffiths (City Auditor General), C. Russell and M. Walsh (PricewaterhouseCoopers) and D. McDonald (Co-ordinator – Secretariat Services) were present.

D. Minnan-Wong was in the Chair.

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Resolution to conduct a portion of the meeting in the absence of the public (Committee of the Whole) in accordance with Section 29 of the TTC by-law to govern Commission proceedings and Section 190 of the City of Toronto Act

The Audit Committee waived the requirement to meet as Committee of the Whole to discuss confidential attachment re: Internal Audit Report – Revenue Operations.

Commissioner F. Di Giorgio moved that the TTC Audit Committee approve the minutes of the meeting held on Friday, October 21, 2011.

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1. Reports With Confidential Attachments (Committee of the Whole)

(a) Internal Audit Report – Revenue Operations

The Audit Committee:

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

2) Noted that the information in confidential attachment 1 remain confidential in its entirety as it contains information that involves the security of the property belonging to the commission.

2. Presentations

Nil

3. Other Business

(a) PricewaterhouseCoopers Consolidated Financial Statement Audit Plan - Year Ended December 31, 2011

C. Russell, Partner – Audit & Assurance Group, PricewaterhouseCoopers, provided a high level overview of the report.

The Audit Committee received for information, the report from PricewaterhouseCoopers (PWC) outlining their audit plan for the audit of the Commission’s consolidated financial statements, for the year ended December 31, 2011.

(b) Adoption of Public Sector Accounting Standards

The Audit Committee received for information, the report on the accounting standards that will be applicable to the Commission for the 2011 audited consolidated financial statements.

(c) Internal Audit Report (August – December 2011)

The Audit Committee received for information, the internal audit  report covering the period August – December 2011.

(d) Internal Audit Report – Bus Maintenance Department – Duncan Shop and Fleet Management

The Audit Committee received the report for information.

(e) Internal Audit Report – Plant Maintenance Department – Building Equipment, Facilities, and Plant Maintenance Engineering 

The Audit Committee received the report for information.

(f) Internal Audit Report – Birchmount Bus Garage Repair Bay Modifications Project

The Audit Committee received the report for information.

4. New Business

Chair    Minnan-Wong moved a motion that the Audit Committee recess to allow the Commissioners to meet with the City Auditor General and representatives from PricewaterhouseCoopers and to subsequently meet with TTC staff as the committee of the whole to deal with labour relations issues.

5. Correspondence

NIL

The meeting adjourned at 3:00 p.m.