Audit Committee - General


Meeting Info

Date:Wednesday, April 24, 2013
Start Time:1:30 PM
Location:Committee room #3, 2nd Floor, Toronto City Hall
  • Agenda
  • Meeting Minutes

Members

  • John Parker
  • Peter Milczyn
  • Glenn De Baeremaeker  

Declaration of Interest - Municipal Conflict of Interest Act

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

 

  1. PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2012 (For Action) (This report contains advice that is subject to solicitor-client privilege.
  2.  Audit Report – January 1, 2013 Fare Change (For Information)(This report involves security of property belonging to the Commission)

  3. Audit Report – Revenue Operations – Main Vault Controls Review (For Information)(This report involves security of property belonging to the Commission)

Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)

Minutes of the Previous Meeting

Business Arising Out of Minutes

Public Presentations

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

Notices of Motions

Motions Without Notice

Items of Which Notice has Previously Been Given

A meeting of the TTC Audit Committee commenced at 1:45 p.m. on Thursday, April 25 2013 in Committee Room #3, 2nd Floor, City Hall, Toronto in order to discuss business related to the Committee.

Present

J. Parker and P. Milczyn (TTC Audit Committee), V. Rodo (Chief Financial and Administration Officer), D. Dixon (Chief Operating Officer), C. Upfold (Acting Chief Service Officer), J. Kennelly (Head of Audit), M. Roche (Head of Finance/Treasurer), P. Buttigieg (Director – Budgets/Costs/Financial Reporting), S. Tippett (Manager – Financial Statements), E. Thomas (Supervisor – Accounting Policy & Financial Reporting), C. Russell and E. Mascoll (PricewaterhouseCoopers Inc.) A. Ash (City Auditor General’s office), and D. McDonald (Co-ordinator – Secretariat Services) were present.

J. Parker was in the Chair

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Committee of the Whole Resolution

Chair Parker moved that the Committee recess to meet as the Committee of the Whole to receive advice which is subject to solicitor-client privilege and to deal with issues involving the security of property belonging to the Commission.

The motion by Chair Parker carried.

Reconvened
Meeting Open to the Public – 2:05 p.m.
Committee Room 3, City Hall

Minutes of the Previous Meeting

P. Milczyn moved that the TTC Audit Committee approve the minutes of the meeting held on Tuesday, February 19, 2013.

The motion by Commissioner Milczyn carried.

Business Arising Out of the Minutes

Nil

Public Presentations

Nil

Notice of Motions

Nil

Motions Without Notice

Nil

Items of Which Notice Has Previously Been Given

Nil

Items Deferred From Last Meeting to Permit Debate/Public Presentations

Nil 

1. Reports with Confidential Attachments (Committee Of The Whole)

(a) PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2012

Cathy Russell of PricewaterhouseCoopers presented a summary of the report to the Committee.

The TTC Audit Committee:

1) Received the report from PricewaterhouseCoopers LLP (“PWC”), including the information noted in the confidential attachment, regarding the audit of the consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 202, for information;

2) Approved the forwarding of the report to a regular meeting of the Board for information and then to the City Council through the Audit Committee of the City of Toronto; and

3) Noted that the information as set out in Confidential Attachment is to remain confidential in its entirety as it contains information which is subject to solicitor-client privilege.

(b) Audit Report – January 1, 2013 Fare Change

The TTC Audit Committee received the confidential information as set out in Confidential Attachment1, noting that the information is to remain confidential in its entirety as it involves the security of property belonging to the Commission.

(c) Revenue Operations – Main Vault Controls Review

The TTC Audit Committee received the confidential information as set out in Confidential Attachment1, noting that the information is to remain confidential in its entirety as it involves the security of property belonging to the Commission.

2. Presentations

Nil

3. Other Business

(a) Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2012

The TTC Audit Committee:

1) Approved the draft consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2012; and

2) Approved forwarding the consolidated financial statements to a regular meeting of the Board for formal approval, then to the City Council for information through the Audit Committee of the City of Toronto.

(b) Accounts Receivable Considered Uncollectible

The TTC Audit Committee received the report for information.

(c) Draft Annual Report for the Toronto Transit Commission for 2012

The TTC Audit Committee approved the draft Annual Report of the Toronto Transit Commission for the year 2012.

(d) TTC Audit Recommendation Performance Scorecard Report (October 2012 – March 2013)

The TTC Audit Committee received the report, which provides the implementation status of outstanding audit recommendations, for information.

(e) TTC Audit Department Report – Quarterly Update for the Period January to March 2013

The TTC Audit Committee received for information, the Audit Department report covering the period from January to March 2013.

(f) Auditor General’s Report – TTC Employees Overtime and Related Expenses – Continuous Controls Monitoring
A. Ash, City Auditor General’s office, participated in a brief discussion of the report.

The TTC Audit Committee:

1) Received the report from the Auditor General’s Office, City of Toronto on the update status of the TTC Employees Overtime and Related Expenses – Continuous Controls Monitoring, for information; and

2) Approved forwarding the report to a regular meeting of the City Audit Committee.

J. Kennelly advised the Committee that the report would be submitted to a regular meeting of the TTC Board prior to it being forwarded to the City Audit Committee.

(g) Staff Response to Auditor General’s Report – Review of Wheel-Trans Services – Sustaining Level and Quality of Service Requires Changes to the Program

The TTC Audit Committee:

1) Received for information the staff response to the Auditor General’s Report; and

2) Approved forwarding the report to the City Audit Committee.

J. Kennelly advised the Committee that the report would be submitted to a regular meeting of the TTC Board along with ACAT’s final comments prior to it being forwarded to the City Audit Committee.

4. New Business

Nil

5. Correspondence

Nil

The meeting adjourned at 3:10 p.m.

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