HomeMy WebLinkAboutFCS-11-090 - Terms of Reference & presentation
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KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.ca
REPORT TO:
DATE OF MEETING:
SUBMITTED BY:
PREPARED BY:
WARD(S) INVOLVED:
DATE OF REPORT:
REPORT NO.:
SUBJECT:
I Audit Committee
May 9, 2011
rCoona'rasker, Internal Auoitor, x2361
I Corina Tasker, Internal Auditor, x2361
ALL
April 14, 2011, 2011
FCS-11-090
AUDIT COMMITTEE TERMS OF REFERENCE
RECOMMENDATIONS:
That
Council; and
be appointed chair of the Audit Committee for the term of
That the housekeeping amendments to the Audit Committee Terms of Reference
contained in report FCS-11-090 be approved; and
That the responsibility for oversight of risk management be added to the Audit
Committee Terms of Reference as outlined in report FCS-11-090.
EXECUTIVE SUMMARY:
The terms of reference for the audit committee need to be amended to reflect new titles, staff
responsibilities, and the longer term of council. In addition, best practice suggests that
responsibilities related to risk management oversight should be added.
Given that this is now a new term of audit committee, a chair must also be appointed by the
committee.
BACKGROUND:
Council policy 1-66, Audit Committee Terms of Reference, was created on December 13, 2004
and is attached to this report as Appendix A. 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
Report FCS-11-090
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KITCHENER
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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:
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 A. 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:
"Ensure that management has established and is maintaining a comprehensive risk and control
framework."
Housekeepinq
Due to the change in Council term from 3 to 4 years 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
Report FCS-11-090
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KITCHENER
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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.
The following chart summarizes the proposed housekeeping changes and additional wording
related to risk management responsibilities:
Section Existing Wording Proposed Changes
1. Purpose and Scope ; and performance ; and risk management.
measurement.
2. Committee Composition Performance Measurement Internal Auditor
and Reporting and Internal Auditor
General Manager of Financial Deputy CAO, Finance and
Services Corporate Services
Director of Budgets and Director, Accounting
Financial Services
Manager of Budgets and Omit
Financial Services
Corporate Management Team Corporate Leadership Team
3. Responsibilities c) Approve & provide Omit
direction for performance
measurement projects and
review periodic results
repo rts
NEW j) Ensure that management
has established and is
maintaining a comprehensive
risk and control framework.
4. Term 3 years 4 years
The complete proposed terms of reference including the changes listed above is found in
Appendix B.
Report FCS-11-090
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KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.ca
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
Audit Committee responsibilities fall within the Efficient and Effective Government plan
foundation area of the Strategic Plan.
The amendments to the terms of reference supports the public sector leadership goal of
positioning the municipality as a leader in public sector policy, processes, and systems and
supports the financial goal of long term financial stability and fiscal accountability to our
taxpayers.
FINANCIAL IMPLICATIONS:
N/A
COMMUNITY ENGAGEMENT:
N/A
ACKNOWLEDGED BY:
Dan Chapman, DCAO, Finance and Corporate Services
Report FCS-11-090
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KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.ca
Appendix A -Existina Audit Committee Terms of Reference
POLICY NUMBER: 1-66
DATE: DECEMBER 13, 2004
AMENDED: MAY 16, 2005
POLICY TYPE: BOARD AND COMMITTEE
SUBJECT: AUDIT COMMITTEE - TERMS OF REFERENCE
POLICY CONTENT:
1. PURPOSE AND SCOPE
The Audit Committee is a sub-committee of the Finance & Corporate Services
Standing Committee which will deal with detailed matters relating to: corporate
financial statements; the audit process, general oversight of financial
controls/reporting; compliance with financial regulations/policies; and, performance
measurement.
2. COMMITTEE COMPOSITION AND REPORTING
Voting members:
· All Members of Council
Resources to the Committee, as required:
· Performance Measurement and Internal Auditor
· External Auditors
· CAO
· General Manager of Financial Services
· Director of Budgets and Financial Services
· Manager of Budgets and Financial Services
Members will be appointed for the term of Council. The Committee shall, from
amongst its members, choose a Committee Chair.
Meetings will be held quarterly or at the call of the Chair and minutes will be kept by
the committee secretary who will distribute the minutes to all of Council and the
Corporate Management Team. All meetings shall be conducted in accordance with
Council's Procedural By-law.
Report FCS-11-090
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The Committee shall report directly to Council.
3. RESPONSIBILITIES
(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.
4. TERM
Concurrent with term of Council (3 years)
5. FREQUENCY OF MEETINGS
As required, at minimum quarterly.
Report FCS-11-090
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KITCHENER
Staff Report
Finance and Corporate Services Department
www.kitchener.ca
Appendix B - Proposed Audit Committee Terms of Reference
POLICY CONTENT:
1. PURPOSE AND SCOPE
The Audit Committee is a sub-committee of the Finance & Corporate Services
Standing Committee which will deal with detailed matters relating to: corporate
financial statements; the audit process, general oversight of financial
controls/reporting; compliance with financial regulations/policies; and, performance
measurement. risk management.
2. COMMITTEE COMPOSITION AND REPORTING
Voting members:
· All Members of Council
Resources to the Committee, as required:
· Performance Measurement and Internal Auditor
· External Auditors
· CAO
· General Manager Deputy CAO, Finance and Corporate Services
· Director, of Budgets and Financial Services Accounting
· Manager of Budgets and Financial Services
Members will be appointed for the term of Council. The Committee shall, from
amongst its members, choose a Committee Chair.
Meetings will be held quarterly or at the call of the Chair and minutes will be kept by
the committee secretary who will distribute the minutes to all of Council and the
Corporate Management Leadership Team. All meetings shall be conducted in
accordance with Council's Procedural By-law.
The Committee shall report directly to Council.
3. RESPONSIBILITIES
(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 reviO'.I'.'
periodic results reports.
Report FCS-11-090
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KITCHENER Finance and Corporate Services Department
(d) Approve of the external auditor selection & fees as required.
www.kitchener.ca
(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.
(j) Ensure that management has established and is maintaining a comprehensive
risk and control framework.
4. TERM
Concurrent with term of Council (~4 years)
5. FREQUENCY OF MEETINGS
As required, at minimum quarterly.
Report FCS-11-090
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1-8
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