Audit Committee - General


Meeting Info

Date:Thursday, January 21, 2010
Start Time:10:00 AM
Location:Committee Room 3, 2nd Floor Toronto City Hall
  • Agenda
  • Meeting Minutes

Members

  • Adam Giambrone
  • Anthony Perruzza
  • Bill Saundercook  

Declaration of Interest - Municipal Conflict of Interest Act

Nil

In-Camera Resolution

Nil

Minutes of the Previous Meeting

Business Arising Out of Minutes

Nil

Public Presentations

Nil

Reports with Confidential Attachments

1. Internal Audit Tracking Report – Revenue Operations(This report involves the security of property belonging to the Commission)
A meeting of the TTC Audit Committee was held on Friday, January 22, 2010 commencing at 10:05 a.m. in Committee Room 3, 2nd Floor, City Hall, Toronto in order to discuss business related to the Commission.

Present

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.

  • Adam Giambrone
  • Anthony Perruzza
  • Bill Saundercook 

Declaration of Interest - Municipal Conflict of Interest Act

Nil

In-Camera Resolutionof the Whole Resolution

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.

Minutes of the Previous Meeting

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

Business Arising Out of the Minutes

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.  

Public Presentations

Nil

Reports with Confidential Attachments (Committee of the Whole)

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.

Other Business

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.

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