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HomeMy WebLinkAboutJuly 17, 2002 Audit Committee Meeting Minutes Wednesday, July 17, 2002 at 9:30 a.m. Page 3 Present: Mayor Arthurs Councillor Maurice Brenner Councillor Mark Holland Councillor Dave Ryan Thomas J. Quinn, Chief Administrative Officer GiI Paterson, Director of Finance & Treasurer Bruce Taylor, City Clerk Kristine Senior, Manager, Accounting Services Stan Karwowski, Manager, Finance & Taxation AI Gunn, Deloitte, Touche Paula Jesty, Deloitte, Touche 1. Adoption of Minutes of January 15. 2002 Moved by Councillor Ryan, that the Minutes of the January 15, 2002 Audit Committee Meeting be approved subject to the following amendment: Item #4 was amended to include a line following the motion to move in-camera that states that the Committee discussed the issue of external auditing services. CARRIED 2. Auditor's Report to the Audit Committee Paula Jesty provided an overview of the 2001 audit process including the status of the audit, its scope and related representations. At the request of the Committee, Paula Jesty stated that she will review the audit process to be undertaken for the 2002 fiscal period prior to the audit being undertaken. 3. Auditor's Manaaement Letter Paula Jesty provided an overview of the Management Letter that was attached to the letter dated June 10, 2002 to the Chair of the Audit Committee. Audit Committee Meeting Minutes Wednesday, July 17, 2002 at 9:30 a.m. Page 3 She noted that the Management Letter, in addition to the standard financial issues, provides comments on upcoming events and legislation. She further noted that her team undertook an intensive review of various system because this is their first year in undertaking the audit for the City. With respect to the Investment Policy, the Treasurer noted that he reports on an annual basis on investments, which fulfills the requirements of the Policy to report regularly. A question was asked that due to recent market fluctuations, should the Treasurer report more frequently on investments. AI Gunn responded that there would be no need for the Treasurer to report any more frequently than twice per year on investments. The Treasurer noted that he is awaiting the regulations to be passed under the new Municipal Act to determine the requirements for a new Investment Policy. He noted that there is already an Investment Policy under the current Municipal Act. Councillor Brenner suggested that the Matrix software system that is used by APT A for investments be investigated for possible use by the City. With respect to Item #15 of the Management Letter respecting User Security Access Requirements, Councillor Holland stated that he wants more controls to ensure there is security on accessing accounts. Councillor Ryan stated that he was pleased with the auditor's comments and staff's response to those comments. He noted that he is concerned about the licensing requirements under the new Municipal Act and stated that there should be more "process audits", Moved by Councillor Ryan that the Management Letter attached to the letter dated June 10, 2002 to the Chair of the Audit Committee be received; and That staff be directed to undertake "process audits" in cooperation with the auditors; and .. . ./3 Audit Committee Meeting Minutes Wednesday, July 17, 2002 at 9:30 a.m. Page 3 That the Treasurer report back to the Audit Committee in the Fall on an action plan to undertake the "process audits". Carried 4. 2002 Year End Audit Moved by Councillor Holland that the 2001 Audited Financial Statement of the City of Pickering be received and referred to Council. CARRIED 5. Review of Process ReQardinQ Pick Up and Deposit of Payments at Remote Locations Moved by Councillor Holland to go In Camera to discuss a matter of the security of the property of the municipality, CARRIED The Confidential memorandum of the Director, Corporate Services & Treasurer dated July 11, 2002 regarding Courier Services was reviewed and the Director was asked to provide a report to the Chief Administrative Officer on cash flows at various City facilities and how that cash is handled and deposited. 6. Other Business . The Treasurer noted that the 2001 Financial Information Return and the 2001 Municipal Performance Measurement Program are to be filed with the Province on July 29, 2002. The Treasurer was directed to send a draft of these documents to Members of Council before it is sent to the Province. .. ../4 Audit Committee Meeting Minutes Wednesday, July 17, 2002 at 9:30 a.m. Page 3 · The Treasurer noted that the Municipal Performance Measurement Program will be reported publicly in September and he will provide Members of Council with a draft of that document before it is published. · The Chair asked that the Treasurer bring forward the 2002 Audit Workplan at the Fall meeting of the Audit Committee. · The Treasurer was directed to set up a Strategic Planning Session with the Auditor sometime in the Fall. 7. Adjournment Meeting adjourned at 10:46 a.m.