Item - 2013.AU13.18

The Audit Committee recommends that:

1.       City Council receive the management letter response from William H. Bolton Arena (July 6, 2013) attached as Appendix 1 to the report (July 19, 2013) from the Auditor General.

The purpose of this report is to provide the Audit Committee and City Council with an update on management’s response to the internal control deficiencies noted during the audit of the 2012 financial statements of William H. Bolton Arena.

Audited 2012 financial statements of William H. Bolton Arena and the external auditor’s management letter were presented at the July 4, 2013 meeting of Audit Committee.  A response from management had not yet been received at that time.  

The management letter included two recommendations related to internal control deficiencies identified during the course of the audit.  Subsequent to the Audit Committee meeting, management provided their response to the external auditors.  Management accepted all of the external auditor's internal control recommendations.