TTC Audit and Risk Management Committee - September 9, 2021


Meeting info

Date:Thursday, September 09, 2021
Start Time:8:30 AM
Location:Virtual Meeting
Meeting No:0025
  • Agenda
  • Meeting Minutes

TTC Board Members

  • Ron Lalonde (Chair)
  • Joanne De Laurentiis
  • Julie Osborne

Land Acknowledgement

Declarations of Interest – Municipal Conflict of Interest Act

Minutes of the Previous Meeting

Meeting No. 24 held on Thursday, June 3, 2021

Business Arising Out of the Minutes

Public Presentations

Requests to speak must be registered by noon of the business day preceding meeting day by submitting a request through the online form. A final deputation list will be distributed at the meeting.

Presenters will participate by audio only and will be required to provide a telephone number on which they can be reached at the appropriate time. Presenters may submit a written deputation in advance of the meeting which will be circulated to TTC Commissioners and staff.

Item 1. KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2020 (For Action)


Item 2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2020 (For Action)


Item 3. Draft Annual Report for the Toronto Transit Commission for 2020 (For Action)


A meeting of the TTC Audit & Risk Management Committee was held by video conference on Thursday, September 9, 2021, commencing at 8:31 a.m. The meeting recessed at 9:31 a.m. to meet in-camera. The Audit & Risk Management Committee re-convened the public session at 10:09 a.m.

Present at Committee of the Whole

R. Lalonde (Chair), J. De Laurentiis, and J. Osborne (Members), M. Atlas, G. Downie, B. Hasserjian, J. La Vita, K. Llewellyn-Thomas, M. Madigan-Lee, N. Poole-Moffatt, K. Watson, A. Cassar, E. Chen, T.Coelho, C. Leach, J. Lim , D. Lowe, R. Persad, N. Pazzano, D. Lowe, D. Shanmuganayagam, C. Finnerty and J. Ishak
B. Romeo-Beehler (Auditor General), T. Anderson (Assistant – Auditor General), S. Ali, T. Anandarajan, F. Hanif, C. Jiang, E. Lu, G. Mark and A. Rafalovich (Auditor General’s Office); and A. Gudelo (Live Media) were also present.

R. Lalonde was in the Chair.

Present at Public Session

R. Lalonde (Chair), J. De Laurentiis, and J. Osborne (Members), M. Atlas (General Counsel – Acting), G. Downie (Chief Capital Officer), B. Hasserjian (Chief Safety Officer - Acting), J. La Vita (Interim Chief Financial Officer), K. Llewellyn-Thomas (Chief Strategy and Customer Officer), M. Madigan-Lee (Chief People Officer), N. Poole-Moffatt (Chief of Corporate Affairs), K. Watson (Deputy Chief Executive Officer), R. Wong (Chief Vehicles Officer), A. Cassar (Director – Budgets, Costing and Financial Reporting), E. Chen (Manager – Audit, Risk and Compliance),T. Coelho (Manager – Audit, Risk and Compliance), A. Gibson (Head – Strategy and Foresight), D. Geddes (Head – Wheel-Trans), M. Jones (Head – Revenue Protection), P. Lagace (Head – Procurement and Category Management), C. Leach (Audit, Risk and Compliance Officer – Acting), J. Lim (Director – Audit, Risk and Compliance), D. Lowe (Manager – Audit, Risk and Compliance), R. Rush (Head – Materials Management), R. Persad (Director – Information Security Office), N. Pazzano (Manager – Audit, Risk and Compliance), D. Shanmuganayagam (Head of Information Technology Services), C. Finnerty (Director – Commission Services) and J. Ishak (Coordinator – Secretariat Services)

F. Jagdeo (TTC Board) was present as an observer.

B. Romeo-Beehler (Auditor General), T. Anderson (Assistant – Auditor General), S. Ali, A. Rafalovich, E. Lu, T. Anandarajan, F. Hanif, G. Mark and C. Jiang (AGO Staff); and A. Gudelo (Live Media) were present.

R. Lalonde was in the Chair.

Land Acknowledgement

R. Lalonde requested C. Finnerty to acknowledge that the TTC Board was meeting on the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse First Nations, Inuit and Métis peoples. C. Finnerty also acknowledged that Toronto is covered by Treaty 13 signed with the Mississaugas of the Credit.

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Minutes of the Previous Meeting

Commissioner Osborne moved that the Audit & Risk Management Committee approve the minutes of Meeting 24, held on Thursday, June 3, 2021.

The motion by Commissioner Osborne carried.

Business Arising Out of the Minutes

Nil

Public Presentations

Nil

Presentations/Reports/Other Business

1. Toronto Transit Commission- Results of 2021 Follow-up of Previous Audit Recommendations

B. Romeo-Beehler, Auditor General and T. Anderson, Assistant Auditor General delivered a presentation on this item.

Commissioner Osborne moved adoption of the Auditor General’s recommendation as follows:

  1. The Toronto Transit Commission Audit and Risk Management Committee receive this report for information and forward the report to the Toronto Transit Commission Board.

The motion by Commissioner Osborne carried.

Approved

2. Audit, Risk and Compliance – Flexible Work Plan Status Update

C. Leach delivered a verbal presentation on this item.

Commissioner De Laurentiis moved adoption of the staff recommendations as follows:

It is recommended that the Audit & Risk Management Committee:

  1. Receive this report for information.

The motion by Commissioner De Laurentiis carried.

Approved

3. Cybersecurity Program Update

Commissioner Osborne moved adoption of the staff recommendation as follows:

It is recommended that the TTC Audit and Risk Management Committee:

  1. Receive the confidential information as set out in Confidential Attachment 1 – Cybersecurity Program Update, noting that it is to remain confidential in its entirety as it involves the security of the property of the municipality or local board.

The motion by Commissioner Osborne carried.

Approved

The meeting adjourned at 10:12 a.m.

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