KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024

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The decision

2025-06-09 · Toronto Transit Commission - Audit, Finance and Risk Management Committee · adopted

As filed

The TTC Audit & Risk Management Committee: 1. Received the KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024, in Attachment 1; and 2. Forwarded a copy of this report to the TTC Board for its meeting on June 23, 2025, and subsequently to the City Clerk for appropriate handling to the next City Audit Committee meeting.

On the agenda

As the city filed it

This report appends the Audit Findings Report from KPMG LLP's (KMPG) audit of the TTC's consolidated financial statements for the year ended December 31, 2024. The KPMG Audit Findings Report, in addition to providing an overview of the audit results, specifically details any key audit risks identified, testing procedures performed to address them, and resulting conclusions. KPMG proposes to issue an unqualified Independent Auditor's Report on the TTC's consolidated financial statements for the year ended December 31, 2024.

Staff recommended

It is recommended that the TTC Audit and Risk Management Committee: 1. Receive the KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024, in Attachment 1; and 2. Forward a copy of this report to the TTC Board for its meeting on June 23, 2025, and subsequently to the City Clerk for appropriate handling to the next City Audit Committee meeting.

On the record

The item as the City filed it