Item - 2015.AU4.9

Government Auditing Standards require that audit organizations performing audits in accordance with Generally Accepted Government Auditing Standards (GAGAS) undergo an external peer review every three years.  Furthermore, Toronto Municipal Code §3-18 requires that the “Auditor General shall undergo an external peer review once every three years to ensure compliance with government auditing standards”, and “the results of the external peer review shall be reported to Council through the Audit Committee”.

This report provides the results of the Auditor General’s Office External Peer Review for the period January 1, 2012 through December 31, 2014.  This is the fourth such review for the Auditor General’s Office.

The peer review team found that the “Auditor General’s Office’s internal quality control system was suitably designed and operating effectively to provide reasonable assurance of compliance with Government Auditing Standards for audits from January 1, 2012 through December 31, 2014”.  This is the highest level of compliance available in the ALGA Peer Review Program.  The process also provides the opportunity for reviewers to offer observations related to audit organization practices that are particularly noteworthy as well as suggestions related to professional industry best practices.