A meeting of the TTC Audit & Risk Management Committee was held in the 7^th Floor Executive Board Room, 1900 Yonge Street and by video conference on Thursday, November 21, 2024 commencing at 10:03 a.m.

Present at Public Session

Commissioners: D. Saxe (Chair), F. Jagdeo, and J. Osborne

Staff: G. Percy (Interim Chief Executive Officer), B. Macgregor (Deputy Chief Executive Officer), J. La Vita (Chief Financial Officer), F. Monaco (Chief Operations and Infrastructure Officer), J. Montagnese (Executive Director – Finance), V. Chandrakanthan (Head - Audit, Risk and Compliance), H. Nuri (Head – Plant Maintenance), C. Leach (Senior Director - Audit, Risk and Compliance), V. Tang (Manager, Audit, Risk and Compliance), C. Finnerty (Director - Commission Services), and L. Soto Maya (Coordinator, Secretariat Services) were present.

K. Travers (Lead Audit Engagement Partner, KPMG), S. Del Mastro (Audit Senior Manager), V. Zolotko (Audit Manager), and J. Darmody (Live Media) were also present.

D. Saxe was in the Chair.

Land Acknowledgement

D. Saxe acknowledged that the Audit & Risk Management Committee was meeting on the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse First Nations, Inuit and Métis peoples. D. Saxe also acknowledged that Toronto is covered by Treaty 13 signed with the Mississaugas of the Credit.

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Minutes of the Previous Meeting

Commissioner Jagdeo moved that the Audit and Risk Management Committee approve the minutes of Meeting 35 held on Wednesday, September 11, 2024.

The motion by Commissioner Jagdeo carried.

Presentations/Reports/Other Business

1. KPMG LLP’s Audit Plan for Year Ended December 31, 2024

J. Montagnese, Executive Director - Finance, provided introductory remarks and K. Travers, Lead Audit Engagement Partner, KPMG, S. Del Mastro, Audit Senior Manager, KPMG, and V. Zolotko, Audit Manager, KPMG, provided a presentation.

Commissioner Jagdeo moved adoption of the staff recommendations as follows:

It is recommended that the TTC Audit & Risk Management Committee:

Receive this report for information.

The motion by Commissioner Jagdeo carried.

Approved

2. Audit, Risk and Compliance – Audit Plan Status Update

Chair Saxe moved the following motion:

That TTC staff be directed to implement the audit recommendations and management action plan contained in the Elevator Maintenance Review.

The motion by Chair Saxe carried.

Amended

3. Audit, Risk and Compliance – 2024 Enterprise Risk Management Year-End Update

Commissioner Osborne moved adoption of the staff recommendations as follows:

It is recommended that the TTC Audit & Risk Management Committee:

Receive this report for information.

The motion by Commissioner Osborne carried.

Approved

On a motion by Commissioner Osborne, the meeting adjourned at 10:41 a.m.