Audit Committee

Report

2nd Meeting of the Audit Committee

Wednesday, June 16, 2021 at 12:00 P.m. - 1:00 P.m.

2021 Meeting - Virtual Meeting during the COVID-19 Emergency

Please check the City website for current details of COVID-19 service impacts.

Meetings can be viewed via live-streaming on YouTube and the City website

PRESENT:

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

ALSO PRESENT:

• M. Schulthess and J. Taylor.
  
  Remote Staff Attendance: L. Livingstone, D. Baldwin (KPMG), A. Barbon, B. Card, I. Collins, K. denBok (KPMG), K. Dickens, O. Katolyk, G. Kotsifas, S. Miller, S. Oldham, J. Pryce (Deloitte), C. Saunders, P. Yeoman.
  
  The meeting is called to order at 12:00 PM; it being noted that the following were in remote attendance: Councillors J. Helmer, M. van Holst, and S. Turner; L. Higgs.

   

   

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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

2020 Financial Audit

• That the following actions be taken:
  
  a) the 2020 Financial Report of The Corporation of the City of London, BE RECEIVED, it being noted that the Audit Committee received a presentation from the Director, Financial Services with respect to this matter; and,

  b) the Audit Findings Report 2020 as prepared by KPMG for the year ending December 31, 2020, BE RECEIVED, it being noted that the Audit Committee received a presentation from KPMG with respect to this matter.

  
  
  
  Motion Passed

a.

2020 Financial Statements

b.

Audit Findings Report to the Audit Committee for the Year Ending December 31, 2020

4.2

Request for Proposal Internal Audit Services

• That, on the recommendation of the Deputy City Manager, Finance Supports the following actions be taken with respect to internal audit services:
  
  a) the report dated June 16, 2021 titled “Request for Proposal Internal Audit Services” which outlines the scope of work including timelines and general parameters included in the Request for Proposal (RFP) for internal audit services BE RECEIVED;

  b) the striking of an Internal Audit Services Evaluation Committee BE APPROVED consisting of: Audit Committee Chair; Audit Committee Vice Chair; a representative from the City Manager’s office and from the Finance Supports Service Area; Deputy City Manager, Finance Supports; with support by appropriate members of the Civic Administration including Purchasing & Supply; and,

  c) the City Clerk BE DIRECTED to establish an additional meeting of the Audit Committee in October 2021 to complete the RFP evaluation process.

  
  
  
  Motion Passed

4.3

Internal Audit Summary Update

• That the communication dated June 16, 2021, from Deloitte, with respect to the internal audit summary update, BE RECEIVED.

  
  
  
  Motion Passed

4.4

Internal Audit Dashboard as at June 4, 2021

• That the communication from Deloitte, regarding the internal audit dashboard as of June 4, 2021, BE RECEIVED.

  
  
  
  Motion Passed

4.5

Revised Internal Audit Plan - 2021

• That the Revised Internal Audit Plan - FY 2021 from Deloitte dated June 16, 2021, BE APPROVED.

  
  
  
  Motion Passed

4.6

Audit Committee Observation Summary as at June 4, 2021

• That the revised attached Observation Summary from Deloitte, as of June 15, 2021, BE RECEIVED.

  
  
  
  Motion Passed

5.

Deferred Matters/Additional Business

None.

6.

Adjournment

• That the meeting be adjourned.

  
  
  
  Motion Passed

  The meeting adjourned at 12:45 PM.