THE REGIONAL MUNICIPALITY OF PEEL

AUDIT SUBCOMMITTEE

(PEEL HOUSING CORPORATION BUSINESS)

M I N U T E S      ASC(PHC)-2007-1


The Audit Subcommittee met on October 4, 2007, at 9:04 a.m. in the Council Chamber, Regional Administrative Headquarters, 10 Peel Centre Drive, Brampton.

Members Present: C. Corbasson; E. Kolb; R. Paterak; R. Whitehead
   
Members Absent:   G. Miles, due to other municipal business
   
Also Present:   D. Szwarc, Chief Administrative Officer; R.K. Gillespie, Commissioner of Corporate Services and Regional Solicitor; D. Labrecque, Chief Financial Officer; L. Nashman, Commissioner of Employee and Business Services; K. Ward, Commissioner of Human Services and General Manager, Peel Living; M. Zamojc, Commissioner of Environment, Transportation and Planning; R. Wiseman, Chief Information Officer; B. Wilson, Director, Internal Audit; K. Travers, Associate Partner, KPMG; J. Payne, Committee Clerk

Chaired by Councillor R. Whitehead

1. DECLARATIONS OF CONFLICTS OF INTEREST - Nil


2. APPROVAL OF AGENDA

RECOMMENDATION ASC(PHC)-1-2007:

That the agenda for the October 4, 2007 Audit Subcommittee meeting be approved.


3. DELEGATIONS/PRESENTATIONS - Nil


4. REPORTS

a) KPMG 2007 Audit Planning Report

Received

Kevin Travers, Associate Partner, KPMG (Peel Housing Corporation External Auditor) provided the Audit Committee with a high-level overview of the Planning report. He advised that the report addressed the oversight role of the external auditor; identification of any new accounting standards or practices; an initial resource assessment of materials; staffing requirements and timelines to conduct the external audit process. Further, he noted that next year the Audit Planning report for the Peel Housing Corporation and the Region would be prepared separately.

b) Current Status of Actions Taken as a Result of the 2005 and 2006 External Audit Management Letters for the Peel Housing Corporation

Received

Beate Wilson noted that there were no items identified in the 2006 External Audit Management Letter for the Peel Housing Corporation and that the one remaining outstanding item from 2005 had been resolved.

Councillor Whitehead, Chair of the Audit Subcommittee acknowledged the hard work and dedication of PHC staff given the very positive results captured in the 2006 Management Letter.


5. COMMUNICATIONS - Nil

6. SCHEDULE OF FUTURE MEETINGS


7. OTHER BUSINESS
- Nil


8. ADJOURNMENT

The meeting adjourned at 9:06 a.m.