Audit Committee - General - July 29, 2014

Nil

• Minutes - May 12, 2014
• Minutes - May 28, 2014

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
2. Presentations
3. Other Business
• PricewaterhouseCoopers LLP 2013 Management Letter Follow-up Report (For Action) PDF file
• TTC Audit Department Report – Quarterly Report Update for the Period April – June 2014 (For Information) PDF file
• TTC Audit Report – Payroll Exception Reporting – Operator Overtime (For Information) PDF file
• TTC Audit Report – Presto Card User Entity Controls, Strategy and Customer Experience Group Farecard Team (For Information) PDF file
4. New Business
5. Correspondence

A correspondence summary will be distributed at the meeting.

J. Parker and A. Heisey Q.C. (TTC Audit Committee), V. Rodo (Chief Financial and Administration Officer), J. Kennelly (Head of Audit), M. Roche (Head of Finance and Treasurer) and D. McDonald (Co-ordinator – Secretariat Services) were present.

A. Creazzo (Head of Operations Control) was present for item 3(c).

J. Parker was in the Chair

Nil

Commissioner Heisey moved that the TTC Audit Committee approve the minutes from the meeting held on Monday, May 12 and the meeting held on Wednesday, May 28, 2014.

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

Nil

2. Presentations

Nil

3. Other Business

(a) PricewaterhouseCoopers LLP 2013 Management Letter Follow-up Report

The Audit Committee:

1) Received the attached follow-up report on the PricewaterhouseCoopers LLP (PWC) management letter, for information, and

2) Approved the forwarding of the attached report to a regular meeting of the TTC Board for information and then forward this report to the
City Clerk for appropriate committee referral.

(b) TTC Audit Department Report - Quarterly Report Update for the Period April - June 2014

The Audit Committee received the report for information nothing that future reports will incorporate associated risks within the audit resource section of the report.

Committee of the Whole Resolution

Commissioner Heisey moved that the Board recess as the Committee of the Whole to deal with labour relations or employee negotiation matters.

The motion by Commissioner Heisey carried.

Reconvened

Meeting re-opened in public - 2:35 pm

(c) TTC Audit Report - Payroll Exception Reporting - Operator Overtime

A discussion took place regarding current changes that are being implemented as well as changes for future consideration. Upon conclusion of the discussion, the Audit Committee received the report for information.

(d) TTC Audit Report - Presto Card User Entity Controls, Strategy and Customer Experience Group Farecard Team
After considerble discussion concerning access to source data to enable auditing and verification of records, the Audit Committee received the report for information noting that it would be benifical to provide a briefing to the TTC Board (especially the private members) outlining where we stand and what we are up against with Presto.

4. New Business

Nil

5. Correspondence

Nil

The meeting adjourned at 3:00 pm