A meeting of the TTC Audit Committee was held 9:05 a.m. on Tuesday, April 19, 2011 in Meeting Room ‘B’, 2nd Floor, City Hall, Toronto in order to discuss business related to the Commission.

Present

Present were F. Di Giorgio N. Kelly and D. Minnan-Wong (TTC Audit Committee), G. Webster (Chief General Manager), V. Rodo (General Secretary), D. Beecroft (Chief Auditor), D. Dixon (Acting - General Manager – Operations), J. Sepulis (General Manager – Engineering & Construction), M. Roche (Chief Financial Officer), P. Buttigieg (Chief Accountant – Financial Services), M. Atlas (Senior Solicitor), T. Andrews (Chief Special Constable), D. Garisto (Manager – Property Development) S. Tippett (Superintendent – Financial Statements), A. Cassar (Supervisor – Accounting Policy & Financial Reporting), J. Griffiths (City Auditor General) C. Russell and M. Walsh (PricewaterhouseCoopers) and F. Stanois (Co-ordinator – Secretariat Services) were present.

D. Minnan-Wong was in the Chair.

In this section

Declaration of Interest - Municipal Conflict of Interest Act

Nil

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In-Camera Resolution

F. Di Giorgio moved that the TTC Audit Committee approve a resolution to meet in-camera on Tuesday, April 19, 2011 to deal with litigation or potential litigation matters, labour relations or employee negotiations and to receive advice which is subject to solicitor-client privilege.

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Minutes of the Previous Meeting

F. Di Giorgio moved that the TTC Audit Committee approve the minutes of the meeting held on Friday February 4, 2011.

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Business Arising Out of the Minutes

Nil

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Public Presentations

Nil

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Reports with confidential attachments (in-camera)

1. PricewaterhouseCoopers LLP Report on the Toronto Transit Commission
Consolidated Financial Statements for the Year Ended December 31, 2010

The Audit Committee:

1) Received the foregoing 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, 2010, for information; and

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

3) Noted that the contents of the confidential attachment remain confidential in their entirety as it contains advice which is subject to solicitor-client privilege.

2. Internal Audit – Fare Evasion Methodology

The Chief General Manager advised the Audit Committee that after further review, the foregoing report and attachment did not meet the confidential criteria and therefore should be received as a public document.

The Audit Committee received this report for information.

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Other business

3. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2010

The Audit Committee:

1) Approve the draft Consolidated Financial Statements of the Toronto Transit Commission for the year ended December 31, 2010; and

2) Approved the forwarding of the consolidated financial statements to a regular meeting of the Commission for formal approval, and then to City Council for information through the audit committee of the City of Toronto.

4. Draft Annual Report for the Toronto Transit Commission for 2010

The Audit Committee approved the draft annual report of the Toronto Transit Commission for the year 2010.

5. Adoption of Public Sector Accounting Standards Effective January 1, 2011

The Audit Committee received for information the foregoing report on the accounting standards that will be applicable to the commission in 2011.

6. Accounts Receivable Considered Uncollectible

The Audit Committee received and approved forwarding this report to the next Commission meeting for approval to write off an outstanding account with Infoplace Ticket Centres LTD. considered uncollectible in the amount of $28,826.99.

7. TTC Audit Committee – Mandate and Responsibilities

The Audit committee received and approved the foregoing report.

8. TTC Audit Committee Orientation Manual

The Audit Committee received for information the “TTC Audit Committee orientation manual”, noting that is has been prepared to familiarize Audit Committee members with the role, responsibilities and operations of the committee, as well as, key internal audit processes and practices.

9. Internal Audit Role and Mandate

The Audit Committee received and approved the foregoing report.

10. Internal Audit Report (January – March 2011)

The Audit Committee received the foregoing internal audit report covering the period January – March 2011 for information.

11. Internal Audit Report – Rail Cars & Shops Department – Harvey Shop

The Audit Committee received the foregoing report for information.

12. Internal Audit Report – Rail Transportation Department – Station Operations/Collectors

The Audit Committee received the foregoing report for information.

13. Internal Audit Report – Materials and Procurement – Graphic Services Section

The Audit Committee received the foregoing report for information.

14. Internal Audit Report – Materials and Procurement – Central and Distributed Inventory Control