November 29, 2012, at 3:31 PM
Present:
P. Hubert, M. Brown, W. DeShane, B. Westlake-Power (Secretary)
Absent:
N. Branscombe, 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, R. Wilcox
1. That it BE NOTED that no pecuniary
interests were disclosed.
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.
The meeting adjourned at 4:09 PM.