M I N U T E S ASC-2002-2
The Audit Subcommittee met on May 30, 2002, at 8:38 a.m. in the Council Chambers, Regional Administrative Headquarters, 10 Peel Centre Dr., Brampton.
|Members Present:||Emil Kolb*, Cliff Gyles, Gael Miles, Richard Whitehead|
|Also Present:||R. Maloney, Chief Administrative Officer and Acting Treasurer and Commissioner of Finance; M. Zamojc, Commissioner of Public Works; K. Ward, Commissioner of Housing and Property; L. Hawes, Director, Internal Audit; D. Labrecque, Director, Corporate Finance; D. Bingham, Director, Financial Services; I. Murray, KPMG; K.Travers, KPMG; L. Conde, Legislative Co-ordinator|
Councillor Whitehead assumed the Chair.
1. DECLARATIONS OF CONFLICTS OF INTEREST
2. APPROVAL OF AGENDA
That the agenda for May 30, 2002, Audit Subcommittee meeting be approved.
Larry Hawes, Director, Internal Audit, welcomed and introduced Sergeant Donald Ratych and Constable Daniel Carrier, Peel Regional Police to observe Peel's Internal Audit processes.
|2001 Region of Peel Consolidated Financial Statements|
Dave Bingham, Director, Financial Services, presented an overview of the 2001 Region of Peel Consolidated Financial Statements to members of the Audit Subcommittee, noting the impact of the pending consolidation of Peel Regional Housing Corporation and Peel Non-Profit Housing Corporation as a result of devolution of Social Housing to the Region.
Councillor Whitehead requested that, in the future, the Consolidated Financial
Statements have an attachment outlining the value of the Region's real estate
assets. Ian Murray, KPMG indicated that asset values equivalent to the debt
are recorded on the Housing statements and this would represent good note disclosure
practice for the Region.
|External Audit Management Letters 2001 and 2000|
Ian Murray, KPMG and Kevin Travers, KPMG, External Auditors, provided an overview of the process to develop Management Letter items and provided assurances of the overall control system the Region has in place.
Councillor Gyles requested information on the outstanding issues noted for 2000 and if any of these issues were brought forward to 2001. Dave Bingham, Director, Financial Services confirmed that no issues were brought forward.
Regional Chair Kolb arrived at 8:51 a.m.
That staff report back to the Audit Subcommittee on observations and recommendations related to contract management as identified in the 2001 External Audit Management Letter.
Mitch Zamojc, Commissioner of Public Works advised that the financial unit of Public Works department is in the process of implementing the capital projects management system and that the Finance department will be involved in this project.
Regional Chair Kolb commended Ian Murray and the staff of KPMG on the outstanding auditing work they have done on the review of the financial statements for the Region of Peel. He also thanked Region's Internal Audit division for their excellent work.
Councillor Whitehead also congratulated the staff of KPMG on their excellent
Internal Audit Business Plan 2002 to 2004
That the Internal Audit division staff be supported in the initiatives contained in their 2002 to 2004 Internal Audit Business Plan by the members of the Audit Subcommittee.
Larry Hawes, Internal Auditor, presented an overview of the Internal Audit business Plan for 2002 to 2004 to members of the Audit Subcommittee. He informed members that Peel Regional Police and Land Ambulance would be included in upcoming audits.
5. SCHEDULE OF FUTURE MEETINGS
Members discussed the schedule of future meetings of the Audit Subcommittee.
Councillor Gyles requested that meetings be held prior to a Regional Council meeting.
Councillor Miles suggested, if necessary that two meeting dates be scheduled as opposed to one longer meeting depending on the number of agenda items available for review.
That staff report back to the Audit Subcommittee at their next meeting on June 20, 2002 regarding the schedule of future meetings.
6. OTHER BUSINESS
The meeting adjourned at 9:24 a.m.