HomeMy WebLinkAboutFCS-11-021 - Audit Committee Orientation
)
k
KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.cQ
REPORT TO:
DATE OF MEETING:
SUBMITTED BY:
PREPARED BY:
WARD(S) INVOLVED:
DATE OF REPORT:
REPORT NO.:
SUBJECT:
I Audit Committee
March 7, 2011
I Corina Tasker, Internal Auditor, x2361
I Corina Tasker, Internal Auditor, x2361
ALL
February 11 , 2011
FCS-11-021
AUDIT COMMITTEE ORIENTATION
RECOMMENDATION:
For information only.
EXECUTIVE SUMMARY:
The Audit Committee Orientation presentation, attached as Appendix A to report FCS-11-021, is
intended to provide the new Council with an overview of the Internal Audit function, corporate
risk management and audit committee responsibilities. The content of report FCS-11-021
further expands on the terms of reference for the audit committee and discusses potential
changes to be made at a future audit committee meeting.
BACKGROUND:
Council policy 1-66, Audit Committee Terms of Reference, was created on December 13, 2004.
The document lays out the purpose and scope of the committee, committee composition and
reporting, responsibilities, term, and frequency of meetings. In order to create the original terms
of reference a template from the Institute of Internal Auditors was used which represented best
practice at the time. Research was also done to compare the template to the terms of reference
for other audit committees. The comparators included Mississauga, London, Hamilton, Kenora,
Windsor and Wilfrid Laurier University. It should be noted that in 2004 very few municipalities
had audit committees established and therefore comparators were scarce. The comparators
terms of reference generally followed the template.
Additional benchmarking has been done since then to include Guelph, Region of Waterloo,
Calgary, Burlington, and Sudbury. The research indicates that the City of Kitchener's audit
committee terms of reference is very similar to other municipalities and best practice with the
exception of the committee composition and the mention of risk management oversight in the
responsibilities section.
Report FCS-11-021
)
k
KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.cQ
REPORT:
Best Practice
There is one area where the current terms of reference do not follow best practice and one area
where there is an emerging best practice which should be considered.
First, the Institute of Internal Auditors recommends that the composition of the audit committee
be between 3-6 members, all of whom are financially literate, with one member being
designated the "financial expert". Having a smaller committee allows the meetings to run more
effectively. Having financially literate members on the committee ensures that members are
able to fulfill their responsibilities as outlined in Appendix B. The majority of comparator cities
have between 4-7 committee members, with only 2 exceptions. Sudbury audit committee
consists of all 13 Council members and Burlington audit committee consists of 8 members.
The City's audit committee is currently composed of all members of Council for the purpose of
information sharing regarding financial and audit results. Given the newness of the Council it is
not recommended to change the composition of the audit committee at this time. At some point
in the future when all members of Council are more familiar with the operations of the City, the
option of decreasing the size of the audit committee could be re-examined in conjunction with a
review of the composition of all standing committees.
Second, there is an emerging trend of including responsibilities related to risk management
oversight as this is directly linked to risk based audit approaches. This approach has also been
recommended by Deloitte through the Internal Auditor Roundtable group, of which the City of
Kitchener is a member.
Through the creation and subsequent Council approval of the Corporate Risk Management
Policy and framework the City is already incorporating the notion of risk management
responsibility into its operations. Incorporating risk management into the audit committee terms
of reference further formalizes this responsibility.
Therefore, it is recommended that the following wording be considered for addition to the terms
of reference in the responsibilities section at a future audit committee meeting:
"Ensure that management has established and is maintaining a comprehensive risk and control
framework."
Housekeeoina
Due to the increase in Council size from 7 to 11 and other organizational changes several
housekeeping changes are required to the terms of reference.
Specifically, the responsibility for performance measurement has been removed from the
Internal Audit function and imbedded throughout the organization and thus should be removed
from the audit committee terms of reference as a specific responsibility. It was included in the
City's terms of reference originally based on the scope of the Internal Audit division and work
plan which included performance measurement at that time. The responsibility for oversight of
a performance measurement program is not a recognized best practice for audit committees nor
was it included in any of the comparator city terms of reference.
Report FCS-11-021
2
)
k
KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.cQ
Request for Input
Audit Committee members should review their responsibilities as outlined in Appendix Band
forward any suggested changes or additions to the Internal Auditor for inclusion in discussion at
a future audit committee meeting. Housekeeping changes will be tabled at that time as well as
any other changes or additions approved by the committee.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
N/ A - Orientation material
FINANCIAL IMPLICATIONS:
N/A
COMMUNITY ENGAGEMENT:
N/A
ACKNOWLEDGED BY:
Dan Chapman, DCAO, Finance and Corporate Services
Report FCS-11-021
3
)
k
KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.cQ
Aooendix B -Audit Committee Resoonsibilities
(a) Review audited corporate financial statements annually.
(b) Approve internal audit plans annually & provide recommendations for areas of
focus and types of audits.
(c) Approve & provide direction for performance measurement projects and review
periodic results reports.
(d) Approve of the external auditor selection & fees as required.
(e) Approve external audit plans, including consideration of financial risk
management issues and the required internal control framework.
(f) Provide a forum for discussions with external auditor if and when necessary.
(g) Responsible for resolution of disagreements between management and the
external auditor (if they arise).
(h) Have general oversight of internal controls, financial reporting, and compliance
with regulations/policies.
(i) Review internal & external audit results & recommendations.
Report FCS-11-021
4
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COUNCIL POLICY RESOLUTION
POLICY NUMBER: 1- 16
DATE: APRIL 28,2009
POLICY TYPE: COUNCIL
SUBJECT: CORPORATE RISK MANAGEMENT POLICY
PURPOSE:
To outline the Corporation's position with regard to risk management including roles and
responsibilities related to risk management, risk register standards and risk tolerance level.
POLICY STATEMENT:
The City of Kitchener is committed to identifying, assessing, and mitigating risks to ensure
that corporate objectives are achieved. To this end, The Corporation will maintain a long-
term, robust Enterprise Risk Management strategy as summarized in the "Risk
Management Framework" (Appendix A).
POLICY:
1. Definitions:
"Risk" - refers to the uncertainty that surrounds future events and outcomes. It is
the expression of the likelihood and impact of an event with the potential to
influence the achievement of the Corporation's objectives.
"Risk Management" - is a systematic approach to setting the best course of action
by identifying, assessing and managing risk issues.
"Enterprise Risk Management" - is a continuous, proactive and systematic
process to understand, manage and communicate risk from an organization-wide
perspective. It is about making strategic decisions that limit risk and contribute to
the achievement of the Corporation's overall objectives.
"Risk Tolerance" - is defined as level of risk the City is willing to accept in pursuit
of its objectives. This can be measured qualitatively, with categories such as major,
moderate, or minor. The level of risk acceptable is directly related to the nature and
scope of the project or work.
"Risk Register" - is a document listing all of the risks associated with a project or
activity where the impact and likelihood of the risk is assessed, resulting in a
numerical risk rating. It also includes actions and the names of individuals assigned
to manage that specific risk.
CITY OF KITCHENER
Page 1 of 3
APRIL 2009
POLICY NUMBER: 1- 16
POLICY TYPE: COUNCIL
SUBJECT: CORPORATE RISK MANAGEMENT POLICY
2. Roles and Responsibilities:
Risk management is an integral part of management across the Corporation. It
forms part of strategic planning, business planning and project approval procedures.
In addition, the policy assists in decision-making processes that will allocate
resources to areas of highest risk. Identifying and managing risk is everyone's
responsibility and is one component of good corporate governance.
The Director or Manager undertaking the work or project will be responsible for
developing a risk register for all projects requiring a business case (currently
defined as greater than $50,000) or on-going work where risks have been
identified. The Internal Auditor is available to assist in the creation of the risk
register and provide guidance in assessing the likelihood, impact and mitigation of
risks.
Risk management shall be considered in the early phases of all project approvals in
a manner appropriate to the nature and scope of the project.
The Internal Auditor will monitor risk management activities across the Corporation
and use the risk registers, where appropriate, for input in preparing a risk-based
audit plan.
3. Risk Reaister Standards:
The City of Kitchener has adopted a risk rating matrix that quantifies the impact and
likelihood criteria and assigns a numerical value to the resulting score. All risk
registers should use this terminology to ensure consistency in understanding across
the corporation.
The categories of risk are:
. Service deliverv - Risk of not meeting customer expectations
. Emolovees - Risk that employees, contractors or other people at the City will
be negatively impacted by a policy, program, process or project including
physical harm
. Public - Risk that the policy, program or action will have a negative impact
on the citizens of Kitchener
. Phvsical Environment - Risk that natural capital will be damaged
. Reoutation - Risk associated with anything that can damage the reputation
of the City or undermine confidence in the City of Kitchener
. Financial - Risk related to decisions about assets, liabilities, income and
expenses including asset management, capital and operational funding,
economic development, theft or fraud
. Reaulatorv - Risk related to the consequences of non-compliance with laws,
regulations, policies or other rules
CITY OF KITCHENER
Page 2 of 3
APRIL 2009
POLICY NUMBER: 1- 16
POLICY TYPE: COUNCIL
SUBJECT: CORPORATE RISK MANAGEMENT POLICY
3. Risk Reaister Standards. cont'd
Impact is Quantified as:
likelihood is Quantified as:
Scale 4:
Scale 3:
Scale 2:
Scale 1:
Catastrophic
Major
Moderate
Minor
Scale 5:
Scale 4:
Scale 3:
Scale 2:
Scale 1:
Almost Certain
Likely
Somewhat likely
Unlikely
Rare
When impact and likelihood are assessed, a risk rating is calculated by multiplying
the impact scale times the likelihood scale.
The current City of Kitchener risk matrix assigns colours to the resulting score
based on the City's risk tolerance as set out below.
Impact Scale
4. Risk Tolerance:
The Corporation's risk tolerance will be considered by management for resource
allocation purposes as it aligns its people, processes and structure to effectively
respond to identified risks. The Corporation's risk tolerance levels will change over
time, subject to economic, social or political conditions.
As a general guideline any identified risk rated as a ten (10) or higher and in
the red grid of the matrix must have a mitigation plan and the ongoing status
will be monitored in the risk register.
A risk rating falling within the yellow grid of the matrix will require an action
but resolution may be deferred until more urgent risks have been dealt with.
A risk rating falling within the green grid of the matrix should be noted but no
action plan is required.
Related Documents:
Enterprise Risk Management Framework
CITY OF KITCHENER
Page 3 of 3
APRIL 2009
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