HomeMy WebLinkAboutAudit Minutes - 2024-12-16
Audit Committee
Minutes
December 16, 2024, 3:00 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. Ioannidis
Councillor M. Johnston
Councillor D. Chapman (virtual)
Councillor S. Stretch
Staff: D. Chapman, Chief Administrative Officer
M. May, General Manager, Community Services and Deputy
Chief Administrator
V. Raab, General Manager, Corporate Services
J. Readman, General Manager, Development Services
J. Lautenbach, Chief Financial Officer, Financial Services
D. McGoldrick, General Manager, Infrastructure Services
K. Fischer, Director, Financial Reporting and ERP Solutions
G. Demacio, Manager, Financial Reporting
C. Tasker, Internal Auditor
D. Saunderson, Deputy Clerk
M. Blake, Committee Coordinator
_____________________________________________________________________
1
1. Commencement
The Audit Committee held a meeting this date commencing at 3:06 p.m.
2. Disclosure of Pecuniary Interest and the General Nature Thereof
None.
3. Discussion Items
3.1 External Audit Planning Report for Fiscal Year 2024, FIN-2024-517
The Committee considered Financial Services Department report FIN-2024-517,
dated December 6, 2024, to which the KPMG report entitled, 'Audit Planning
Report (KAEG-I) - 2024' was attached. G. Demacio, Manager, Financial
Reporting and Analysis and K. Fischer, Director, Financial Reporting and ERP
Solutions, were also in attendance to respond to questions from the Committee.
M. Betik and C. Cheal, KPMG, the City's external Auditor, were in attendance and
presented their Audit Planning Report for the year ending December 31, 2024,
providing details related to materiality, risk assessment, risks of material
misstatement, key milestones and deliverables, and audit quality.
On motion by Councillor S. Davey
it was resolved:
"That the Audit Planning Report for the year ended December 31, 2024,
prepared by KPMG, attached as Attachment 'A' to Financial Services
Department report FIN-2024-517, be approved."
Carried
3.2 2025 Internal Audit Work Plan, CAO-2024-510
The Committee considered Chief Administrator's Office report CAO-2024-510,
entitled '2025 Internal Audit Work Plan', dated November 26, 2024, providing an
outline of the proposed assurance and consulting activities to be conducted by
the Internal Auditor in 2025.
C. Tasker, Internal Auditor, presented the report and responded to questions from
the Committee.
On motion by Councillor B. Ioannidis
it was resolved:
2
"That the 2025 Internal Audit work plan be approved as outlined in Chief
Administrator's Office report CAO-2024-510."
Carried
4. Status Updates
4.1 4th Quarter 2024 Audit Status Report, CAO-2024-511
The Committee considered Chief Administrator's Office report CAO-2024-511,
entitled '4th Quarter 2024 Audit Status Report', dated December 4, 2024,
providing a summary of the Internal Audit assurance and consulting services
completed or underway during the period of July to December 2024.
C. Tasker, Internal Auditor, presented the report advising the audits contained
with the report including physical inventory, contractor management, by-law
enforcement reorganization, hiring transparency and nepotism, confidential
investigations, petty cash and floats, and account and payroll.
5. Adjournment
On motion, this meeting adjourned at 3:50 p.m.
Mariah Blake
Committee Coordinator
3