HomeMy WebLinkAboutFebruary 24, 2003
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Minutes I Meeting Summary
Audit Committee Meeting Minutes
February 24, 2003
4:20 PM
Main Committee Room
Attendees:
Councillor Maurice Brenner
Chair
Councillor Dave Ryan
Councillor Mark Holland
Thomas J. Quinn, Chief Administrative Officer
Gil Paterson, Director, Corporate Services & Treasurer
Kristine Senior, Manager, Accounting Services
Debbie Kearns, Committee Coordinator
Paula Jesty, Deloitte & Touche
Ivy Chan, Deloitte & Touche
Absent:
Mayor Wayne Arthurs
Millutes
Moved by Councillor Ryan, seconded by Councilor Holland that
the minutes of the July 1 ]Ìh, 2002 meeting be adopted.
2. InterirnAudit
Paula Jesty, Deloitte & Touche advised that nothing of urgency
appeared in the Interim Audit.
3. 2002 Audit Plan
Paula Jesty reviewed with Committee Members the 2002 Audit
Plan.
Councillor Brenner commented on a request from the City of
Toronto with respect to the 2002 Audit Plan which will be
copied and forwarded to them.
Councillor Ryan again raised his concern with respect to
process and suggested that there should be more "process
audits".
Paula advised that Audit Field Work will be undertaken in
March, Financial Information Return will be submitted on April
30th and that the Financial Statements will be ready by mid
Ma .
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Moved by Councillor Ryan, seconded by Councillor Holland that
the 2002 Audit Plan and Risk Management Framework be
received and forwarded to Council for information.
CARRIED
4. RiskMéula ementFrámework
The Risk Management Framework was presented to
Committee for their information. Committee were requested to
provide feedback to the Chief Administrative Officer and the
Treasurer who will then forward this information back to the
Audit Committee.
The Chief Administrative Officer requested consensus from
Committee to develop this proposal and associated cost with
the Auditor's.
5. Strate .ic Planniri
The Chief Administrative Officer advised that this will be an
ongoing process which will be discussed at the March
Management meeting.
Strategic Planning and Risk Management Framework will be
reviewed simultaneously to consider Strategic Risks.
Inte.rnal Audit
Stand alone Internal Audit will continue.
The Treasurer will provide Committee Members with
information on the Internal Audit function, requesting feedback
from members.
Com utefSecurit
Moved by Councillor Holland, seconded by Councilor Ryan that
the memo from the Manager, Information Technology dated
January 6, 2003 be received for information.
CARRIED
Councillor Ryan stated his concern with exceptions being
allowed with res ect to asswords.
Meeting Adjourned: 5:30 PM
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