TO Live - Results of 2019 Follow-up Review of Previous Audit Recommendations Made to Sony Centre for the Performing Arts

In prior follow-up reviews, we determined that six recommendations have been fully implemented. During the current follow-up process, we verified that four recommendations have been fully implemented, one recommendation has been partially implemented, and one recommendation is no longer applicable. The one remaining outstanding audit recommendation relates to a procurement policy that was recently adopted by the Board of Directors of TO Live at its meeting on May 9, 2019. We will verify implementation of this policy in the next follow-up process. Effectiveness of policy and procedure enhancements or improved controls resulting from the implementation of audit recommendations, rely on management's continuous efforts beyond the audit follow-up process.