Toronto Transit Commission - Audit, Finance and Risk Management Committee
The full agenda, as filed
All 3 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
TTA3.1amended
Asset Management - International Association of Public Transport (UITP) Peer Review
The TTC is an asset-intensive organization committed to advancing its asset management through a comprehensive, multi-year improvement program. A key element of this program is engaging industry subject matter experts and peer organizations to ensure alignment with best practices. In keeping with this approach, the Audit & Risk Management Committee endorsed a International Association of Public Transport (UITP) led peer review of TTC's Subway and Streetcar assets and maintenance programs at its meeting on September 11, 2024. UITP has completed the review and has provided TTC with its findings. Attached to this report are the peer review key findings.
The Audit & Risk Management Committee: 1. Received the International Association of Public Transport (UITP) Peer Review report and thanked the participants for their assistance. 2. Directed management to report back to ARMC by the end of 2025 evaluating the importance, feasibility, cost, timing, and alignment of the UITP recommendations with TTC's mission, vision and current plans, including the TTC Asset Management Maturity Roadmap. This report back should prioritize the recommendations, and propose target dates and resource requirements for implementation of all high priority items that management recommends. 3. Forwarded this report and confidential attachment to the TTC Board. 4. Released Attachment 2 for public review after consideration by the TTC Board, except chapter 8, subject to approval by the Board, which shall remain confidential as it discusses sensitive details of the TTC's signalling and control system.
Staff recommendation as filed
It is recommended that the Audit and Risk Management Committee: 1. Receive the International Association of Public Transport (UITP) Peer Review report and direct staff to evaluate the feasibility, cost, timing, and alignment of its recommendations with TTC's mission and vision. 2. Direct staff to incorporate the recommendations deemed to be a strong strategic fit into the TTC Asset Management Maturity Roadmap. 3. Authorize that the information in Attachment 2 remain confidential as it contains information related to the security of the property of the TTC.
TTA3.2received
The Uncollectible Accounts Receivable report is submitted annually to the Audit and Risk Management Committee for its information in accordance with the TTC's Authorization for Expenditures and Other Commitments Policy. The total value of uncollectible accounts written off for 2024 amounted to $635,252.34, and the total annual receivables amounted to $335 million, yielding a collection rate of 99.82%. This report provides information on accounts receivable amounts written off as uncollectible in 2024 under delegated authority. As requested by the Committee, additional information has been provided in the supplementary report titled 2024 Uncollectible Accounts Receivable - Additional Info.
The Audit & Risk Management Committee received the 2024 Uncollectible Accounts Receivable report for information.
TTA3.3amended
Audit, Risk and Compliance - 2025 Audit Plan Status Update
The Audit, Risk and Compliance Department (ARC) 2025 Audit Plan was presented and approved by the Audit and Risk Management Committee (ARMC) on March 24, 2025. The list of audit assurance projects identified for completion in 2025 is performed alongside various ongoing Action Plan Follow-up initiatives. As of this update, final reports have been issued for two projects from the 2025 Audit Plan, and fieldwork is underway for two other projects in the plan. In parallel, ARC has finalized and issued reports for the two remaining audit projects from the 2024 Audit Plan. With these completions, all items from the 2024 Audit Plan are now closed. This report provides information with respect to ARC's progress on 2025 Audit Plan items as well as details for the four Final Reports issued since ARC's last update.
The Audit & Risk Management Committee: 1. Received this report and attachments for information. 2. Received the Confidential Attachment and authorize that the information contained in the Confidential Attachment remain confidential as it relates to the security of the property of the municipality or local board. 3. Directed staff to report back to the Audit & Risk Management Committee on their progress implementing the recommendations from the IT - Disaster Recovery audit report, at the December 1 meeting, and every six months thereafter. 4. Forwarded the IT - Disaster Recovery audit report to the TTC Board for information.
Staff recommendation as filed
It is recommended that the Audit & Risk Management Committee: 1. Receive this report and attachments for information. 2. Receive the Confidential Attachment and authorize that the information contained in the Confidential Attachment remain confidential as it relates to the security of the property of the municipality or local board.