Audit Committee - General - October 26, 2012

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   

(a) TTC Audit Report – Revenue Operations (July 2008) 

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Minutes from July 26, 2012

Nil

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

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1. Reports with Confidential Attachments

• TTC Audit Report - Revenue Operations (July 2008) 

2. Presentations

3. Other Business

1. Final Report – TTC Employees Overtime And Related Expenses – Continuous Controls Monitoring (Action)
2. PricewaterhouseCoopers LLP 2011 Management Letter – Follow-up Report (Action)
3. TTC Audit Department Report – Quarterly Update For The Period July To September 2012 (Information)
4. TTC Audit Report – Audit of Materials And Procurement – Inventory Management Section (Information)
5. TTC Audit Report – Yonge-University-Spadina (YUS) Automatic Train Controls (ATC) Resignalling Project (Information)
6. TTC Audit Recommendation Performance Scorecard Report (Information)
7. Status Update On Staff Response To Construction Department Audit Report Dated June 2011 (Information)
8. Audit Risk Assessment Process (Information)
9. External Peer Review Of The TTC Audit Department (Information)

4. New Business 5. Correspondence A correspondence summary will be distributed at the meeting. 

Present were Commissioners J. Parker and P. Milczyn (TTC Audit Committee), A. Byford (Chief Executive Officer), V. Rodo (Chief Financial and Administration Officer), D. Dixon (Chief Operating Officer) J. Kennelly (Acting Head of Audit), D. Torralba & P. Edward (Audit Managers), T. Baik – Chief Project Manager – Construction, J. Griffiths (City Auditor General), J. Shaubel (Director – Auditor General’s Office); and D. McDonald (Co-ordinator – Secretariat Services) were present.

J. Parker was in the Chair.

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Chair Parker moved that the Committee recess to meet as the Committee of the Whole to deal with litigation or potential litigation matters, labour relations, employee negotiations, or to receive advice which is subject to Solicitor Client privilege.

The motion by Chair Parker carried.

Commissioner Milczyn moved that the TTC Audit Committee approve the minutes of the meeting held on Thursday, July 26, 2012.

The motion by Commissioner Milczyn carried.

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

(a) TTC Audit Report – Revenue Operations (July 2008) (This report involves the security of property belonging to the Commission)

It is recommended that the Audit Committee:

1. Receive the confidential information as set out in Confidential Attachment 1; and
2. Note that the information as set out in Confidential Attachment 1 remain confidential in its entirety as it contains information that involves the security of property belonging to the Commission.

Received

2. Presentations

Nil

3. Other Business

(a) Final Report – TTC Employees Overtime and Related Expenses – Continuous Controls Monitoring

J. Griffith, Auditor General, City of Toronto advised that this was not a final report and that going forward it would be submitted on a six month basis.

The Audit Committee received the report for information and approved forwarding the report to a regular meeting of the Commission for information and then to the City Audit Committee.

(b) PricewaterhouseCoopers LLP 2011 Management Letter – Follow-up Report

It is recommended that the Audit Committee:

1. Receive the follow-up report on the PricewaterhouseCoopers LLP (“PWC”), Management letter, for information; and
2. Approve forwarding the report to a regular meeting of the Commission for information and then to the Audit Committee of the City of Toronto.

Approved

(c) TTC Audit Department Report – Quarterly Update for the Period July to September 2012

It is recommended that the TTC Audit Committee receive for information the TTC Audit Department Report covering the period from July to September 2012.

Received

(d) TTC Audit Report – Audit of Materials and Procurement – Inventory Management System

It is recommended that the Audit Committee receive for information the Audit Report and Management Responses.

Received

(e) TTC Audit Report – Yonge-University-Spadina (YUS) Automatic Train Controls (ATC) Resignalling Project

It is recommended that the Audit Committee receive for information the Audit Report and Management Reponses.

Received

(f) TTC Audit Recommendation Performance Scorecard Report

It is recommended that the Audit Committee receive for information, this report which provides the implantation status of outstanding audit recommendations.

Received

(g) Status Update on Staff Reponse to Construction Department Audit Report dated June 2011

It is recommended that the Audit Committee receive this report for information.

Received

(h) Audit Risk Assessment Process

It is recommended that the Audit Committee receive for information, this report which describes the risk assessment process followed for the planning of audit assignments.

Received

(i) External Peer Review of the TTC Audit Department

It is recommended that the Audit Committee receive for information, this report which describes the requirement and timing for an external peer review assessment of the TTC Audit Department.

Received

4. New business

Nil

5. Correspondence

Nil

The meeting adjourned at 2:25 p.m.