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5TH REPORT OF THE

 

Audit Committee

 

meeting held on November 29, 2012, commencing at 3:31 PM, in Committee Room #5, Second Floor, London City Hall. 

 

PRESENT:  Councillor P. Hubert (Chair), Councillor M. Brown and W. DeShane and B. Westlake-Power (Secretary). 

 

ABSENT:  Councillors N. Branscombe and J.B. Swan.

 

ALSO PRESENT:  S. Gillfilan (PwC), M. Hayward, I. Jeffreys (KPMG), I. Sadler (PwC), C. Shah (PwC), J. Stanford, S. Swance, M. Turner and R. Wilcox.

 

 

I.

DISCLOSURES OF PECUNIARY INTEREST

 

1.

That it BE NOTED that no pecuniary interests were disclosed. 

 

II.

CONSENT ITEMS

 

2.

Brownfields Update

 

Recommendation:  That, on the recommendation of the Managing Director, Corporate Services & City Treasurer, Chief Financial Officer and the Managing Director, Environmental & Engineering Services & City Engineer the following actions be taken with respect to brownfields management :

 

a)         the report dated November 29, 2012 with respect to this matter BE RECEIVED for information;

 

b)         the next steps to be undertaken as contained in the above-noted report, BE ENDORSED; and

 

c)         the Civic Administration BE DIRECTED to submit a report to the Audit Committee in November 2013, providing a further update on this matter.

 

3.

Quarterly Report on Internal Audit Results

 

Recommendation:  That the following actions be taken with respect to the Quarterly Report on Internal Audit Results, dated November 29, 2012, from PricewaterhouseCoopers:

 

a)            Expenditure Approval and Payment – the Action Plans included as Appendix ‘A’ of the above-noted report BE IMPLEMENTED; and,

 

b)            the remaining two 2012 internal audit projects, Succession Planning and Payroll Administration, BE RECOMMENDED for presentation at the Audit Committee meeting to be scheduled for January 2013; it being noted that January 31, 2013 was suggested as a meeting date.

 

4.

Internal Audit Services of PricewaterhouseCoopers

 

Recommendation:  That, on the recommendation of the Audit Committee, the City Manager and the Audit Chair BE REQUESTED to jointly approach the City of London’s Boards and Commissions to:

 

a)            request and encourage the Boards and Commissions to engage the services of PricewaterhouseCoopers for the purpose of an internal audit of their existing processes, under the City’s existing terms of engagement and at the City’s expense, subject to:

 

i)      annual budget availability;

ii)   submission of detailed requests to the City of London’s Audit Committee; and,

iii)   prioritization of the annual audit plan by the City of London’s Audit Committee; and

 

b)            suggest that any operational savings resulting from an internal audit of a board or commission be returned to the City of London to assist in covering the costs of the audit and, where there are “go-forward” savings, to reduce the overall budget of the Board or Commission;

 

it being noted that the Middlesex London Housing Corporation recently undertook such an audit and is reviewing the potential implementation of the recommendations and the associated cost-savings.

 

5.

KPMG LLP - Audit Planning Report for the year ending December 31, 2012

 

Recommendation:  That the attached KPMG LLP Audit Planning Report, for the year ending December 31, 2012, BE APPROVED; it being noted that, as required, the Members of the Audit Committee noted no instances of, actual, suspected or alleged fraud or non-compliance with laws and regulations, including misconduct or unethical behaviour related to financial reporting or misappropriation of assets. 

 

III.

SCHEDULED ITEMS

 

None.

 

IV.

ITEMS FOR DIRECTION

 

None.

 

V.

DEFERRED MATTERS/ADDITIONAL BUSINESS

 

None.

 

VI.

ADJOURNMENT

 

The meeting adjourned at  4:09 PM.