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←Board of Governors of Exhibition Place · 2019-12-19 · 2019.EP8.12

The filed record

Purchasing and Expenditures Review

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The decision

2019-12-19 · Board of Governors of Exhibition Place · deferred

As filed

The Board of Governors of Exhibition Place: 1. Deferred consideration of the item until its February 11, 2020 meeting.

On the agenda

As the city filed it

The City of Toronto Internal Audit was engaged by Exhibition Place in 2019 for the review of the Purchasing and Expenditures Process Controls. This operational review is the first of the additional 3 year cycle review approved in November 2018 in respect to overall risk assessment of operations. This review covers the 14 months period from March 1, 2018 to April 30, 2019. This report presents for the information of the Board the results of the review and whether there are: 1.

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Adequate controls and procedures that exist and are working effectively to ensure accuracy and completeness of employee pay and benefits; and 2. Potential opportunities for operational improvements and process efficiencies. The Internal Audit Report is attached as Appendix A to this report along with the highlights of the review and summarizes issues of the engagement, the auditor's suggestions and recommendations (Appendix A). Management has provided responses to the audit findings which will help to improve the overall accounting and internal control procedures.

Staff recommended

The Chief Executive Officer recommends that: 1. The Board receive this report for information.

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