Audit Committee - General - May 28, 2014
Meeting Info
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Agenda
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Meeting Minutes
Members
Members
- John Parker
- Maureen Adamson
- Alan Heisey
Declaration of Interest - Municipal Conflict of Interest Act
Nil
Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)
Nil
Minutes of the Previous Meeting
Nil
Business Arising Out of Minutes
Nil
Public Presentations
Requests to speak must be registered in writing by 12:00 Noon of day preceding meeting day.
Notices of Motions
Motions Without Notice
Items of Which Notice has Previously Been Given
Items Deferred From Last Meeting to Permit Debate/Public Presentation
- Reports with Confidential Attachments
- Presentations
- Other Business
- PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2013 (For Action)
- Draft Consolidated Financial Statements of Toronto Transit Commission For The Year Ended December 31, 2013 (For Action)
- Draft Annual Report For The Toronto Transit Commission For 2013 (For Action) PDF file
- New Business
- Correspondence
A correspondence summary will be distributed at the meeting.
Present
J. Parker, M. Adamson and A. Heisey (TTC Audit Committee), A. Byford (Chief Executive Officer), V. Rodo (Chief Financial and Administration Officer), G. Shortt (Chief Operating Officer), J. Kennelly (Head of Audit), P. Buttigieg (Director – Budgets, Costing & Financial Reporting), C. Russell and E. Mascoll (PricewaterhouseCoopers), J. Griffiths (Auditor General), and D. McDonald (Co-ordinator – Secretariat Services) were present.
J. Parker was in the Chair
In this section
Items Deferred From Last Meeting to Permit Debate/Public Presentations
Nil
1. Reports with Confidential Attachments (Committee Of The Whole)
Nil
2. Presentations
Nil
3. Other Business
- PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2013
Cathy Russell, PricewaterhouseCoopers, provided the Committee with a summary of the report.
The Audit Committee: - Received the report from PricewaterhouseCoopers LLP (“PWC”) regarding the audit of the consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2013, for information; and
- Approved forwarding the report to the May 28, 2014 Board meeting for information and then to the City Council after the report is reviewed by the Audit Committee of the City of Toronto on June 27, 2014.
- Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2013
Vince Rodo, Chief Financial and Administration Officer, reviewed the financial statements with the Committee.
The TTC Audit Committee: - Approved the draft consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2013; and
- Approved forwarding the consolidated financial statements to the May 28, 2014 Board meeting for formal approval and then to the City Council after the report is reviewed by the Audit Committee of the City of Toronto on June 27, 2014.
- Draft Annual Report for the Toronto Transit Commission for 2013
The TTC Audit Committee approved the draft Annual Report of the Toronto Transit Commission for the year 2013.
4. New Business
Nil
5. Correspondence
Nil
Committee of the Whole Resolution
Chair Parker moved that the Committee recess to meet as the Committee of the Whole to receive confidential advice regarding the security of property belonging to the Commission.
The motion by Chair Parker carried.
The meeting reconvened at 9:40 am
The meeting adjourned at 9:41 am