Audit and Risk Management Committee - September 27, 2017

That the Committee recess as the Committee of the Whole to deal with litigation or potential litigation matters, labour relations, employee negotiations, security of the property, to receive advice which is subject to solicitor client privilege and for the purpose of education/training.

Meeting No. 9 held on Monday, May 29, 2017

Requests to speak must be registered by noon of the business day preceding meeting day. A final deputation list will be distributed at the meeting.

1. Auditor General’s Report – Review of Toronto Transit Commission Accounts Payable Functions: Improving Invoice Verification and Vendor Account Management (For Action)
2. Internal Audit Activities – Quarterly Update: Q2 2017 (For Information)

3. Education Session: PRESTO (presented by Internal Audit)

J. Colle (Chair), R. Byers, A. Heisey and R. Lalonde (Members), T. Bal, R. Leary, S. Reed Tanaka, J. Taylor, K. Watson, C. Leach, T. Coelho, A. Foster, R. Richardson, C. Salvador, S. Chakravorty, Y. Chen, P. Edward, K. Kirovski, K. Lee and C. Finnerty.

K. Lillyman (Chair’'Office) and D. Magisano (Mayor’s Office) were also present.

J. Colle was in the Chair.

J. Colle (Chair), R. Byers, A. Heisey and R. Lalonde (Members), A. Byford (Chief Executive Officer), T. Bal (Acting Chief Financial Officer), R. Leary (Deputy CEO/Chief Service Officer), J. O’Grady (Chief Safety Officer), S. Reed Tanaka (Chief Capital Officer), J. Ross (Deputy Chief Operating Officer), J. Taylor (Chief of Staff), K. Watson (Chief Customer Officer), S. Conforti (Head – Finance & Treasurer), C. Leach (Acting Head – Internal Audit), T. Coelho (Internal Audit Manager), S. Chakravorty (Senior Internal Auditor), Y. Chen (Senior Internal Auditor), V. Dimovski (Construction Manager), P. Edward (Senior Internal Auditor), A., Foster (Project Manager), K. Kirovski (Senior Internal Auditor), J. Murray (Chief Project Manager – Construction), M. Piemontese (Director - Project Procurement), R. Richardson (PRESTO Implementation Resource), C. Salvador (Head – Revenue Operations), K. Lee (Head of Commission Services) and C. Finnerty (Co-ordinator - Secretariat Services) were present.

 

B. Romeo Beehler (Auditor General – City of Toronto) and J. Ying (Assistant Auditor General) were present for Item 1.

Nil

Commissioner Lalonde moved that the Audit & Risk Management Committee approve the minutes of the meeting held on Monday, May 29, 2017.

The motion by Commissioner Lalonde carried.

Nil

Nil

1. Auditor General’s Report - Review of Toronto Transit Commission Accounts Payable Functions: Improving Invoice Verification and Vendor Account Management

B. Romeo-Beehler, Auditor General and J. Ying, Assistant Auditor General provided a verbal summary of the audit findings and recommendations.

Chair Colle moved the following motion:

• That the Audit & Risk Management Committee receive the report and adopt the recommendations contained within the Auditor General’s Report – Review of Toronto Transit Commission Accounts Payable Functions: Improving Invoice Verification and Vendor Account Management.

The motion by Chair Colle carried.

• Internal Audit Activities – Quarterly Update: Q2 2017

The Committee received this report for information.

• Education Session: PRESTO The Committee received an in-camera training session on PRESTO. The meeting adjourned at 12:02 p.m.