Item - 2018.AU11.6

Tracking Status

This item was considered by the Audit Committee on February 7, 2018. The Committee received the item for information only. No further action will be taken on this item.

AU11.6 - Compliance Audit of Waterfront Toronto Contribution Agreements

Decision Type:: ACTION

Status:: Received

Wards:: All

Committee Decision

The Audit Committee received this Item for information.

Origin

(January 22, 2018) Report from the Deputy City Manager, Cluster B

Summary

This report summarizes the observations and recommendations from an Ernst and Young LLP ("EY") audit of two Waterfront Toronto Contribution Agreements, titled "Contribution Agreements Compliance Audit Final Report". The audit was undertaken on behalf of the City of Toronto and was finalized in September 2017. A management response from Waterfront Toronto is attached to this report.

The EY audit was conducted as part of the regular government-led auditing program undertaken by the three orders of government for the Toronto Waterfront Revitalization Initiative. The City has been in the role of audit lead since 2015.

Background Information

(January 22, 2018) Report from the Deputy City Manager, Cluster B - Compliance Audit of Waterfront Toronto Contribution Agreements (includes Attachment 1: Waterfront Toronto Audit List)
https://www.toronto.ca/legdocs/mmis/2018/au/bgrd/backgroundfile-111752.pdf
Attachment 2 - Ernst and Young Audit of Two Waterfront Toronto Contribution Agreements, 2017
https://www.toronto.ca/legdocs/mmis/2018/au/bgrd/backgroundfile-111753.pdf
Attachment 3 - Waterfront Toronto Audit Action Plan, 2018
https://www.toronto.ca/legdocs/mmis/2018/au/bgrd/backgroundfile-111754.pdf

Motions

1 - Motion to Receive Item moved by Councillor Josh Matlow (Carried)