HomeMy WebLinkAboutAudit Minutes - 2024-06-24
Audit Committee
Minutes
June 24, 2024, 11:00 a.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 (virtually)
Councillor P. Singh
Councillor B. Ioannidis
Councillor M. Johnston
Councillor D. Chapman
Councillor S. Stretch
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
K. Fischer, Director of Financial Reporting
G. Demacio, Manager of Finance, Reporting and Analysis
D. Saunderson, Deputy Clerk
M. Blake, Committee Coordinator
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1. Commencement
The Audit Committee held a meeting this date commencing at 11:03 a.m.
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2. Disclosure of Pecuniary Interest and the General Nature Thereof
None.
3. Status Updates
3.1 2nd Quarter Audit Status Report, CAO-2024-166, CAO-2024-166
The Committee considered Chief Administrative Office Report CAO-2024-166,
entitled "2nd Quarter Audit Status Report", dated June 13, 2024, providing a
summary of the Internal Audit assurance and Consulting services completed
during the period of January to June 2024. 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: external billable workorders,
parking and mileage, underground locates and technology field inventory.
Councillor C. Michaud and Councillor A. Owodunni entered the meeting at this
time.
C. Tasker presented the external billable workorders audit, stating the lean
process review of external billable work orders noted multiple areas of
improvement, and the proposed solutions will assist in ensuring accurate, timely
billing to customers and less rework and frustration for staff.
C. Tasker then presented an update on the parking and mileage expenses,
noting the objective is to hold staff accountable for addressing audit findings and
identify areas without significant progress.
Councillor B. Ioannidis entered the meeting at this time.
C. Tasker also presented the underground locates review, noting the City has not
incurred any fines since the Province postponed activation of the penalties until
May 2024. C. Tasker stated it is anticipated that all locates will remain in
compliance moving forward.
C. Tasker then presented the technology field assets inventory review, and noted
implementation of a new asset management module is in process, which will
ensure more accurate tracking of assets in future.
3.2 Certificate of Achievement - CAnFR Award for Fiscal 2022
G. Demacio, Manager of Finance, Reporting and Analysis, presented the award
received by the City of Kitchener, for the fiscal year ending December 1, 2022. It
was noted staff applied to the Government Finance Officers Association (GFOA)
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for financial reporting and were successful in obtaining the award for excellence
in financial reporting.
4. Discussion Items
4.1 2023 Audited Consolidated Financial Statements, FIN-2024-300, FIN-2024-
300
The Committee considered Financial Services report FIN-2024-300, dated June
18, 2024, to which the KPMG report entitled "Audit Findings Report" was
attached. M. Betik and C. Cheal, KPMG, the City's external Auditors, were in
attendance to present the Audit Finding Report for the year ending December 31,
2023.
G. Demacio, Manager of Finance, Reporting and Analysis presented the 2022
financial highlights, key financial indicators, and the audit findings report
prepared by KPMG. K. Fisher, Director of Financial Reporting was also in
attendance to respond to questions from the Committee.
M. Betik and C. Cheal, KPMG, were in attendance to present their 2023 Audited
Financial Statement. M. Betik presented the audit highlights and responded to
questions from the Committee.
Margaret Johnston left the meeting at this time.
On motion by Councillor S. Davey
it was resolved:
"That the 2023 Audited Consolidated Financial Statements of the
Corporation of the City of Kitchener be approved, as outlined in Financial
Services Department report FIN-2024-300."
Carried
5. Information Items
5.1 None.
6. Adjournment
On motion, this meeting adjourned at 12:11 p.m.
Mariah Blake
Committee Coordinator
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