Audit Committee

Report

Meeting #:	3rd Meeting of the Audit Committee
Date:	Wednesday, June 19, 2019 at 12:00 P.m. - 1:00 P.m.
Location:	Council Chambers

PRESENT:

• Deputy Mayor J. Helmer (Chair),
• M. van Holst,
• J. Morgan,
• S. Turner,
• and L. Higgs

ALSO PRESENT:

• M. Hayward, D. Baldwin (KPMG), A. L. Barbon, I. Collins, K. den Bok (KPMG), S. Oldham, M. Redden (KPMG), M. Ribera, A. Ruffudeen (Deloitte), M. Schulthess, S. Stafford, S. Swance, E. Van Daele (KPMG), A. Whitcomb (Deloitte).

   

  The meeting was called to order at 12:00 PM.

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1.

Disclosures of Pecuniary Interest

That it BE NOTED that no pecuniary interests were disclosed.

2.

Consent

None.

3.

Scheduled Items

None.

4.

Items for Direction

4.1

2018 Financial Audit

• That the following actions be taken with respect to the 2018 Financial Audit and Audit Findings Report 2018, as prepared by KPMG:

  a)         the 2018 Financial Report of The Corporation of the City of London BE RECEIVED; and

  b)         the Audit Findings Report for the year ending December 31, 2018 BE RECEIVED;

  it being noted that the Audit Committee received the attached presentation from the Director, Financial Services and a presentation from KPMG with respect to these matters, including the attached revised Summary of Audit Misstatements Schedule;

  it being further noted that attached revised amendments identified by the Director, Financial Services will be incorporated into the final 2018 Financial Report.

  
  Motion Passed

a.

2018 Financial Statement

b.

Audit Findings Report to the Audit Committee for the Year Ending December 31, 2018

4.2

Progress Memorandum: Class Replacement Pre-Implementation Project Review

• That the communication dated June 7, 2019 from Deloitte, regarding the progress memorandum: class replacement pre-implementation project review BE RECEIVED.

  
  Motion Passed

4.3

January - December 2019 Internal Audit Dashboard as at June 10, 2019

• That the communication from Deloitte, regarding the January - December 2019 internal audit dashboard as of June 10, 2019, BE RECEIVED.

  
  Motion Passed

4.4

Audit Committee Observation Summary as at June 10, 2019

• That the Observation Summary from Deloitte, as of June 10, 2019, BE RECEIVED.

  
  Motion Passed

4.5

Internal Audit Summary Update Memo

• That the memo dated June 7, 2019, from Deloitte, with respect to the internal audit summary update, BE RECEIVED.

  
  Motion Passed

5.

Deferred Matters/Additional Business

None.

6.

Adjournment

The meeting adjourned at 1:22 PM.