HomeMy WebLinkAboutAudit Minutes - 2023-06-26Audit Committee
Minutes
June 26, 2023, 6:00 p.m.
Council Chambers - Hybrid
City of Kitchener
200 King Street W, Kitchener, ON N2G 4G7
Present: Mayor B. Vrbanovic
Councillor S. Davey
Councillor D. Schnider
Councillor J. Deneault
Councillor C. Michaud
Councillor A. Owodunni
Councillor P. Singh
Councillor B. loannidis
Councillor M. Johnston
Councillor D. Chapman
Councillor A. Clancy
Staff: M. May, General Manager, Community Services and Deputy
Chief Administrator
J. Readman, General Manager, Development Services
J. Lautenbach, Chief Financial Officer, Financial Services
D. McGoldrick, General Manager, Infrastructure Services
D. Saunderson, Deputy Clerk
M. Blake, Committee Administrator
1. Commencement
This meeting commenced at 6:03 p.m.
2. Disclosure of Pecuniary Interest and the General Nature Thereof
None.
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3. Discussion Items
3.1 Audit Consolidated Financial Statements, FIN -2023-259
The Committee considered Financial Services report FIN -2023-259, dated June
20, 2023, to which the KPMG report entitled, "Audit Findings Report" was
attached. M. Betik and C. Cheal, KPMG, the City's external Auditor, were in
attendance to present the Audit Finding Report for the year ending December 31,
2022.
G. Demacio, Manager of Finance, Reporting and Analysis presented the 2022
financial highlights, key financial indicators, and the audit findings report
prepared by KPMG. R. Hagey, Director, Financial Planning and J. Lautenbach,
Chief Financial Officer, Financial Services were also in attendance to respond to
questions from the Committee.
M. Betik and C. Cheal, KPMG, were in attendance to present their 2022 Audited
Financial Statement. M. Betik presented the audit highlights and responded to
questions from the Committee.
On motion by Councillor C. Michaud
"That the 2022 Audited Consolidated Financial Statements of the
Corporation of the City of Kitchener be approved."
Carried
4. Status Updates
4.1 2nd Quarter Audit Status Report, CAO -2023-284
The Committee considered Chief Administrative Office report CAO -2023-284,
entitled "2nd Quarter 2022 Audit Status Report", dated June 15, 2023, providing
a summary of the Internal Audit assurance and consulting services completed
during the period of April to June 2023. C. Tasker, Internal Auditor, presented the
report and responded to questions from the Committee.
C. Tasker presented the 2nd Quarter Audit Status Report, advising the Committee
the completed audits performed include: the petty cash and floats controls audit
and facility booking and risk assessment program review. C. Tasker noted the
accounting controls audit and training documentation review remain in progress
at this time.
C. Tasker presented the petty cash and floats audit, noting the inspection aimed
to confirm petty cash and float balances and ensure the cash is adequately
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protected from theft in the applicable 29 City locations. C. Tasker stated the
proposed recommendations resulting from the audit include: updating floats,
ensuring unneeded floats are deposited, and securing and reconciling all floats.
C. Tasker then presented the facility booking and risk assessment program
review. C. Tasker noted the review aims to assess the effectiveness and impact
of the new facility booking and risk assessment process, to identify further areas
for improvement. C. Tasker identified key recommendations arising from the
Report, including: considering improvement suggestions for the webpage and
form, reviewing risk assessment criteria, reviewing facility host concerns,
exploring adding facility availability to the webpage and exploring alternative
online software forms.
5. Adjournment
On motion, this meeting adjourned at 6:48 p.m.
Mariah Blake
Committee Administrator
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