Audit and Risk Management Committee - November 12, 2015
Meeting Info
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Agenda
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Meeting Minutes
TTC Board Members
TTC Board Members
- John Campbell (Chair)
- Rick Byers
- Maureen Adamson
- Ron Lalonde
- Vince Crisanti
- Alan Heisey, Q.C
Declarations of Interest - Municipal Conflict of Interest Act
Minutes of the Previous Meeting
Business Arising Out of Minutes
Presentations/Reports/Other Business
- Presentation: TTC’s Enterprise Risk Management (ERM) Framework (For Action)
- TTC Audit and Risk Management Committee – Terms of Reference (For Action)
- TTC’s Top Risks (November 2015) (For Information) (This report with confidential attachment contains information about the security of property of the TTC)
- TTC Audit Department Report - Quarterly Update for the Period of July- September 2015 (For Information)
- PricewaterhouseCoopers’ (PWC) Consolidated Financial Statement Audit Plan - Year Ended December 31, 2015 (For Action)
- Accounts Receivable Write-off Report (For Action)
- City Council Decision - TTC 2014 Standby Premium Pay (For Action)
- 2014 TTC APTA Audit - Request for Information (For Information)
- TTC and PRESTO Governance (For Information)
Audit and Risk Management Committee Meeting
Thursday, November 12, 2015
A meeting of the TTC Audit and Risk Management Committee was held in the 7th Floor Executive Boardroom at 1900 Yonge Street, Toronto, Ontario, on Thursday, November 12, 2015 commencing at 1:00 p.m.
J. Campbell (Chair), M. Adamson, R. Byers, V. Crisanti, A. Heisey Q.C. and R. Lalonde (Audit and Risk Management Committee members), A. Byford, (Chief Executive Officer), G. Piemontese (Chief People Officer), V. Rodo (Chief Financial & Administration Officer), G. Shortt (Chief Operating Officer), S. Reed Tanaka (Chief Capital Officer), J. O’Grady (Chief Safety Officer), M. Roche (Head of Finance & Treasurer), J. Kennelly (Head of Audit), M. Ismail (Principal Risk Advisor), B. Case (Senior Advisor – Strategic Initiatives), C. Leach (Audit Manager), T. Coelho (Audit Manager) K. Lee (Head of Commission Services), D. McDonald (Co-ordinator – Secretariat Services) and M. Balanco (Administrator – Secretariat Services) were present.
C. Russell and T. Dewan (PricewaterhouseCoopers’ LLP) were present for Item No. 5.
J. Campbell was in the Chair.
Audit and Risk Management Committee Meeting
Thursday, November 12, 2015
A meeting of the TTC Audit and Risk Management Committee was held in the 7th Floor Executive Boardroom at 1900 Yonge Street, Toronto, Ontario, on Thursday, November 12, 2015 commencing at 1:00 p.m.
J. Campbell (Chair), M. Adamson, R. Byers, V. Crisanti, A. Heisey Q.C. and R. Lalonde (Audit and Risk Management Committee members), A. Byford, (Chief Executive Officer), G. Piemontese (Chief People Officer), V. Rodo (Chief Financial & Administration Officer), G. Shortt (Chief Operating Officer), S. Reed Tanaka (Chief Capital Officer), J. O’Grady (Chief Safety Officer), M. Roche (Head of Finance & Treasurer), J. Kennelly (Head of Audit), M. Ismail (Principal Risk Advisor), B. Case (Senior Advisor – Strategic Initiatives), C. Leach (Audit Manager), T. Coelho (Audit Manager) K. Lee (Head of Commission Services), D. McDonald (Co-ordinator – Secretariat Services) and M. Balanco (Administrator – Secretariat Services) were present.
C. Russell and T. Dewan (PricewaterhouseCoopers’ LLP) were present for Item No. 5.
J. Campbell was in the Chair.
Reports
Minutes of the Previous Meeting
The motion by the Commissioner Adamson carried.
Public Presentations
a) TTC Audit and Risk Management Committee – Terms of Reference
Bob Brent
The committee received the deputation for information.
(See Item No. 2 for minute).
Presentations/Reports/Other Business
1. Presentation: TTC’s Enterprise Risk Management (ERM) Framework
The Committee opted to forego receipt of the presentation on this item and approved the recommendation in the staff report, as follows:
“It is recommended that the Audit and Risk Management Committee endorse the Enterprise Risk Management Framework, including the ERM Policy”.
2. TTC Audit and Risk Management Committee – Terms of Reference
It is recommended that the Audit and Risk Management Committee:
(1) Endorse the attached Terms of Reference; and
(2) Forward the attached Terms of Reference to the TTC Board for final approval.
Approved
3. TTC’s Top Risks (November 2015)
The Audit and Risk Management Committee opted not to recess as the Committee of the Whole on this item.
The Committee received the report, and the information provided in the confidential attachment, for information.
4. TTC Audit Department Report - Quarterly Update for the Period July - September 2015
The Committee received this item for information and reiterated a previous request that staff request the TYSSE Executive Task Force (ETF) to provide TTC audit reports to the TTC Audit and Risk Management Committee for review and consideration at a future Committee meeting.
5. PricewaterhouseCoopers' (PWC) Consolidated Financial Statement Audit Plan – Year Ended December 31, 2015
It is recommended that the Audit and Risk Management Committee receive the PWC Consolidated Financial Statement Audit Plan for the year ended December 31, 2015.
Received
6. Accounts Receivable Write-off Report
It is recommended that the Audit and Risk Management Committee:
1. Receive the report; and
2. Approve forwarding a copy of the report to the next TTC Board meeting for approval to write off uncollectable accounts over $50,000.00.
Approved
7. City Council Decision – TTC 2014 Standby Premium Pay
It is recommended that the Audit and Risk Management Committee:
1. Receive the information provided in this report; and
2. Authorize forwarding this report to the TTC Board for consideration and subsequent referral to the City of Toronto Audit Committee.
Approved
8. 2014 TTC APTA Audit – Request for Information
It is recommended that the Audit and Risk Management Committee:
1. Receive additional information related to the 2014 TTC APTA Audit; and
2. Approve forwarding the report to the TTC Board.
Approved
9. TTC and PRESTO Governance
The Committee received this item for information and requested the report be forwarded to the TTC Board for a discussion on alternative governance models.
The meeting adjourned at 2:45 p.m.