June 17, 2026, at 12:00 PM
Present:
E. Peloza, P. Cuddy, S. Stevenson, I. Cheema
Absent:
J. Pribil
Also Present:
S. Trosow, S. Datars Bere, A. Barbon, S. Chambers, I. Collins, K. denBok (KPMG), K. Dickins, D. Escobar, A .Gilker, P. Lupa, S. Mathers, R. Patel (MNP), E. Pellarin (KPMG), T. Pollitt, P. Racco (MNP), M. Redden (KPMG), A. Ripepi, K. Scherr, M. Schulthess, M. Shears, C. Smith, S. Swance, S. Tatavarti, A. Vadhera.
S. Franke, E. Bennett, J. Hayes (MNP), J. Ireland, E. Olson (MNP), M. Pizzuti (MNP), Y. Sizov (MNP), E. Skalski, J. Skimming, B. Somers
Remote Attendance:
The meeting is called to order at 12:29 PM.
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 2025 Financial Audit
2026-06-17 Presentation - (4.1) 2025 Audit Committee-Financial Report
Moved by P. Cuddy
Seconded by S. Stevenson
That, the following actions be taken with respect to the 2025 Financial Audit:
a) the 2025 Financial Report of The Corporation of the City of London BE APPROVED; it being noted that the Audit Committee received a presentation from the Director, Financial Services with respect to this matter; and
b) the revised Audit Findings Report, as appended to the added agenda, prepared by KPMG for the year ending December 31, 2025, BE APPROVED; it being noted that the Audit Committee received a presentation from KPMG with respect to this matter and that it be further noted that pursuant to section 31.6 of the Council Procedure By-law, KPMG was permitted to speak an additional fifteen(15) minutes with respect to this matter.
Motion Passed
4.1.a Presentation - 2025 Financial Statements
2026-06-17 Staff Report - Presentation-2025 Financial Statements
4.1.b Presentation - Audit Findings Report for the Year Ending December 31, 2025 - KPMG
2026-06-17 Submission - Presentation-Audit Findings-KPMG
4.1.b.a (ADDED) REVISED Presentation
2026-06-17 Submission - (4.1b) Presentation-Audit Findings-KPMG-REVISED
4.2 Summary Update from Internal Audit - MNP
2026-06-17 Submission - Summary Update from Internal Audit
Moved by P. Cuddy
Seconded by S. Stevenson
That the communication from MNP, with respect to the summary update from internal audit BE RECEIVED.
Motion Passed
4.3 Internal Audit Follow Up Activities Dashboard - MNP
2026-06-17 Submission - Internal Audit Follow Up Activities Dashboard
Moved by S. Stevenson
Seconded by P. Cuddy
That the communication from MNP, with respect to the internal audit follow up activities update dashboard, BE RECEIVED.
Motion Passed
4.4 Subdivision Review Process Audit - MNP
2026-06-17 Submission - Subdivision Review Process Audit
Moved by S. Stevenson
Seconded by P. Cuddy
That the communication dated June 17, 2026 from MNP, with respect to the subdivision review process audit final report, BE RECEIVED; it being noted that the Audit Committee heard a delegation from M. Wallace, Executive Director, London Development Institute (LDI) with respect to this matter.
Motion Passed
Moved by S. Stevenson
Seconded by P. Cuddy
That the request for delegation status from M. Wallace, Executive Director, London Development Institute (LDI) BE APPROVED to be heard at this time.
Motion Passed
4.4.a (ADDED) Request for Delegation Status - Mike Wallace, Executive Director, London Development Institute (LDI)
2026-06-17 Submission - (4.4) Subdivision Review Process Audit-LDI
4.5 Climate Emergency Action Plan Audit - MNP
2026-06-17 Submission - Climate Emergency Action Plan Audit
Moved by P. Cuddy
Seconded by E. Peloza
That the communication dated June 17, 2026 from MNP, with respect to the climate emergency action plan audit final report, BE RECEIVED; it being noted that the Audit Committee heard a delegation from M. Wallace, Executive Director, London Development Institute (LDI) with respect to this matter.
Motion Passed
Moved by P. Cuddy
Seconded by E. Peloza
That the request for delegation status from M. Wallace, Executive Director, London Development Institute (LDI) BE APPROVED to be heard at this time.
Motion Passed
4.5.a (ADDED) Request for Delegation Status - Mike Wallace, Executive Director, London Development Institute (LDI)
4.6 Request of the City’s Oversight of Housing Co-Operative Service Providers - Councillor S. Franke
2026-06-13 Submission - Oversight of Housing-S. Franke
Moved by S. Stevenson
Seconded by P. Cuddy
That the communication from Councillor S. Franke submitted to Audit Committee and dated May 27, 2026, BE REFERRED to a future meeting of the Audit Committee in Q1, 2027 for consideration as part of Risk Assessment.
Motion Passed
5. Deferred Matters/Additional Business
5.1 Request for Proposal 2026-062 Internal Audit Services
Moved by S. Stevenson
Seconded by P. Cuddy
That, on the recommendation of the Deputy City Manager, Finance Supports, with the concurrence of the City Manager, the following actions be taken with respect to the appointment of an outsourced internal auditor for Request for Proposal (RFP) 2026-062 Internal Audit Services:
a) the firm of MNP LLP BE APPOINTED as the preferred firm for the provision of internal audit services for a period of four years beginning January 1, 2027 plus the option to renew for one (1) additional one (1) year term;
b) the Civic Administration BE AUTHORIZED to undertake all the administrative acts that are necessary in connection with this contract;
c) approval hereby given BE CONDITIONAL upon the Corporation entering into a formal contract relating to the subject matter of this approval; and
d) the Mayor and the City Clerk BE AUTHORIZED to execute the Agreement in c), above.
Motion Passed
6. Confidential (Provided to Members only.)
The Audit Committee convenes In Closed session to consider the following:
6.1 Personal Matters/Identifiable Individual
A matter pertaining to the security of the property of the Corporation as it contains commercial and financial information supplied in confidence to the Corporation, the disclosure of which could be reasonably expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organization, result in similar information no longer being supplied to the Corporation where it in the public interest that similar information continue to be so supplied and result in undue loss or gain to any person, group, committee or financial institution or agency and matters related to the personal information about identifiable individuals, including municipal or local board employees related to the potential provision of internal audit services for the City of London, by an external organization.
The Audit Committee convenes In Closed Session from 2:35 PM to 2:48 PM.
6.1 Personal Matters/Identifiable Individual
7. Adjournment
Moved by P. Cuddy
Seconded by S. Stevenson
That the meeting BE ADJOURNED.
Motion Passed
The meeting adjourned at 2:50 PM.