Audit Committee - General - April 20, 2009
Meeting Info
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Agenda
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Meeting Minutes
Agenda Not Available
Present
TTC AUDIT COMMITTEE MEMBERS
TTC AUDIT COMMITTEE MEMBERS
- Adam Giambrone
- Anthony Perruzza
- Bill Saundercook
In this section
Other Business
1.Review of Minutes
a) Audit Committee Meeting
- January 22, 2009
The Audit Committee approved the minutes of the meeting held on Monday, January 22, 2009.
2. Business Arising Out of Minutes
NIL
3. 2009 Audit Committee Meeting Schedule
The Audit Committee approved the meeting schedule for the remainder of 2009 as follows:
Tuesday, July 14, 2009 - 1:00 p.m.
Friday, October 23, 2009 - 10:00 a.m.
4. Audit Results – Year Ended December 31, 2008
The Audit Committee:
1) Received the Report from Ernst & Young regarding the audit results of the consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2008, for information and
2) Approved the forwarding of the report to a regular meeting of the Commission for information and then to the Audit Committee of the City of Toronto for information.
5. Draft Consolidated Financial Statements of Toronto Transit
Commission for the Year Ended December 31, 2008
The Audit Committee:
- Approved the draft consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2008; and
- Approved the forwarding of the consolidated financial statements to a regular meeting of the Commission for formal approval, and then to the Audit Committee of the City of Toronto for information.
6. Differential Reporting Election for the Toronto Coach Terminal Inc.
The Audit Committee:
- Approved the Toronto Coach Terminal inc.’s (“TCTI”) use of the non-consolidation election for the preparation of its financial statements; and
- Approved a recommendation that the Chair of the Commission sign the differential reporting consent form.
7. Financial Reporting by Government Organizations
The Audit Committee received the update related to the expected changes to the Commission’s financial reporting in 2011.
8. Accounts Receivable Considered Uncollectible
The Audit Committee received the report for information.
9. Internal Audit Report (January – March 2009)
The Audit Committee received for information the internal audit report covering the period January – March 2009.
10. Internal Audit Capital Report – Subway Escalator Overhaul Program
The Audit Committee received the report for information.
11. Internal Audit Capital Report – Purchase of 234 Subway Cars Project
The Audit Committee received the report for information.
12.Internal Audit Capital Report – Toronto-York Spadina Subway
Extension Project
The Audit Committee received the report and Management’s responses for information.
13. Correspondence
a) Report dated April 2, 2009 from Mr. J. Griffiths, Auditor General re: “Results of Follow-up of Previous Audit Recommendations – The Management of Information Technology Projects – Opportunities for Improvement”
The Audit Committee received the comments of the City Auditor general which indicates that Toronto Transit Commission staff has implemented all of the recommendations made in the audit report issued by the Auditor General’s Office.
14. New Business
NIL
The meeting adjourned at 11:00 a.m.