M I N U T E S AC-2013-3
The Audit Committee met on Thursday, May 2, 2013, at 9:35 a.m. in the Council Chamber, Regional Administrative Headquarters, 10 Peel Centre Drive, Suite A, Brampton.
Members Present: C. Fonseca*; E. Kolb; J. Sanderson; R. Starr; A. Thompson; R. Whitehead Members Absent: Nil Also Present: D. Szwarc, Chief Administrative Officer; N. Trim, Chief Financial Officer and Commissioner of Corporate Services; K. Gillespie, Commissioner of Employee and Business Services; D. Labrecque, Commissioner of Public Works; D. Bingham, Treasurer and Director of Corporate Finance;A. Persaud, Director, Internal Audit; K. Lockyer, Director of Clerk’s and Regional Clerk; H. West, Committee Clerk; J. Schwartz, Acting Legislative Assistant
* See text for arrivals
¨See text for departures
1. DECLARATIONS OF CONFLICTS OF INTEREST - Nil
2. APPROVAL OF AGENDA
That the agenda for the May 2, 2013 Audit Committee meeting, be approved.
Councillor Fonseca arrived at 9:37 a.m.
a) Trevor Ferguson, Partner, Deloitte, Presenting the 2012 Deloitte's Year-End Communication Report
See also Reports Item 4c
Dave Bingham, Treasurer and Director of Corporate Finance introduced Trevor Ferguson, Partner, Deloitte, noting that the firm name has changed from Deloitte and Touche to Deloitte.
Trevor Ferguson, Partner, Deloitte provided a high level overview of the 2012 Deloitte Year-end Communication Report, noting there were no significant departures from the audit planning and risk assessment of the audit plan as presented on September 13, 2012. He noted that the Peel Housing Corporation (PHC) adopted the Canadian public sector accounting standards and that the Region of Peel and the PHC financial statements now share the same accounting policies. Trevor Ferguson reviewed the Management Letter, Deloitte’s comments and recommendations and the Region of Peel management responses to the action plans.
Trevor Ferguson stated that the Canadian Audit Standards requires Members of the Audit Committee to state whether they are aware of any fraud in the Region of Peel. The Members of the Audit Committee stated they are not aware of any fraud.
In response to a comments raised by Councillor Fonseca regarding electronic transfer risks of technology, Trevor Ferguson confirmed that the testing of computer controls is part of the audit scope.
Regional Chair Kolb inquired if the audit included a review of the labour strikes that occurred in the Region of Peel during 2012. Trevor Ferguson responded that the scope did not include a financial audit of the strikes.
Norma Trim, Chief Financial Officer and Commissioner of Corporate Services, and Kent Gillespie, Commissioner of Employee and Business Services, stated that Regional staff reviewed the various impacts of the labour strikes and they undertook to provide the data to the Regional Chair.
Councillor Starr inquired how specific revenues are allocated and reconciled when they are designated for certain projects related to Gas Taxes or Development Charges. Dave Bingham responded that the Gas Tax revenues and expenditures for eligible projects will be segregated for specific invoices; and that expenditure percentages are calculated and set up for Development Charge projects.
a) 2012 Region of Peel Consolidated Financial Statements
b) 2012 Peel Housing Corporation Financial Statements
c) 2012 Deloitte's Year-End Communication Report
See also Delegations – Item 3b
5. COMMUNICATIONS - Nil
6. IN CAMERA MATTERS - Nil
7. OTHER BUSINESS - Nil
8. NEXT MEETING
The next meeting of the Audit Committee is scheduled for September 19, 2013, at 9:30 a.m., Council Chamber, Regional Administrative Headquarters, 10 Peel Centre Drive, Suite A, Brampton.
Please forward regrets to Helena West, Committee Clerk, (905) 791-7800, extension 4697 or firstname.lastname@example.org.
The meeting adjourned at 10:18 a.m.