Audit and Risk Management Committee


Meeting Info

Date:Wednesday, November 11, 2015
Start Time:1:00 pm
Location:7th Floor Executive Boardroom, 1900 Yonge Street
Meeting No:2
  • Agenda
  • Meeting Minutes

TTC Board Members

  • John Campbell (Chair)
  • Rick Byers
  • Maureen Adamson
  • Ron Lalonde
  • Vince Crisanti
  • Alan Heisey, Q.C

Declarations of Interest - Municipal Conflict of Interest Act

Business Arising Out of Minutes

Audit and Risk Management Committee Meeting

Thursday, November 12, 2015

A meeting of the TTC Audit and Risk Management Committee was held in the 7th Floor Executive Boardroom at 1900 Yonge Street, Toronto, Ontario, on Thursday, November 12, 2015 commencing at 1:00 p.m.

J. Campbell (Chair), M. Adamson, R. Byers, V. Crisanti, A. Heisey Q.C. and R. Lalonde (Audit and Risk Management Committee members), A. Byford, (Chief Executive Officer), G. Piemontese (Chief People Officer), V. Rodo (Chief Financial & Administration Officer), G. Shortt (Chief Operating Officer), S. Reed Tanaka (Chief Capital Officer), J. O’Grady (Chief Safety Officer), M. Roche (Head of Finance & Treasurer), J. Kennelly (Head of Audit), M. Ismail (Principal Risk Advisor), B. Case (Senior Advisor – Strategic Initiatives), C. Leach (Audit Manager), T. Coelho (Audit Manager) K. Lee (Head of Commission Services), D. McDonald (Co-ordinator – Secretariat Services) and M. Balanco (Administrator – Secretariat Services) were present.

C. Russell and T. Dewan (PricewaterhouseCoopers’ LLP) were present for Item No. 5.

J. Campbell was in the Chair.

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Minutes of the Previous Meeting

Commissioner Adamson moved that the TTC Audit and Risk Management Committee approve the minutes of the meeting held on Friday, September 11, 2015.

The motion by the Commissioner Adamson carried.

Business Arising Out of the Minutes

Nil

Public Presentations

a) TTC Audit and Risk Management Committee – Terms of Reference
Bob Brent

The committee received the deputation for information.
(See Item No. 2 for minute).

Presentations/Reports/Other Business

1. Presentation: TTC’s Enterprise Risk Management (ERM) Framework

The Committee opted to forego receipt of the presentation on this item and approved the recommendation in the staff report, as follows:
“It is recommended that the Audit and Risk Management Committee endorse the Enterprise Risk Management Framework, including the ERM Policy”.

2. TTC Audit and Risk Management Committee – Terms of Reference

It is recommended that the Audit and Risk Management Committee:

(1) Endorse the attached Terms of Reference; and

(2) Forward the attached Terms of Reference to the TTC Board for final approval.

Approved

3. TTC’s Top Risks (November 2015)

The Audit and Risk Management Committee opted not to recess as the Committee of the Whole on this item.

The Committee received the report, and the information provided in the confidential attachment, for information.

4. TTC Audit Department Report - Quarterly Update for the Period July - September 2015

The Committee received this item for information and reiterated a previous request that staff request the TYSSE Executive Task Force (ETF) to provide TTC audit reports to the TTC Audit and Risk Management Committee for review and consideration at a future Committee meeting.

5. PricewaterhouseCoopers' (PWC) Consolidated Financial Statement Audit Plan – Year Ended December 31, 2015

It is recommended that the Audit and Risk Management Committee receive the PWC Consolidated Financial Statement Audit Plan for the year ended December 31, 2015.

Received

6. Accounts Receivable Write-off Report

It is recommended that the Audit and Risk Management Committee:

1. Receive the report; and

2. Approve forwarding a copy of the report to the next TTC Board meeting for approval to write off uncollectable accounts over $50,000.00.

Approved

7. City Council Decision – TTC 2014 Standby Premium Pay

It is recommended that the Audit and Risk Management Committee:

1. Receive the information provided in this report; and

2. Authorize forwarding this report to the TTC Board for consideration and subsequent referral to the City of Toronto Audit Committee.

Approved

8. 2014 TTC APTA Audit – Request for Information

It is recommended that the Audit and Risk Management Committee:

1. Receive additional information related to the 2014 TTC APTA Audit; and

2. Approve forwarding the report to the TTC Board.

Approved

9. TTC and PRESTO Governance

The Committee received this item for information and requested the report be forwarded to the TTC Board for a discussion on alternative governance models.

The meeting adjourned at 2:45 p.m.

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