​Internal Audit reports functionally to the Audit Committee and administratively to the Chief Administrative Officer. The Audit Committee (a Committee of Council) was established to enable members of Council to further enhance oversight capabilities and stewardship responsibilities.

The division’s reports are presented to the Audit Committee quarterly.

All reports can be found with the Audit Committee agendas for each meeting.

Objectives of the Audit Committee

The objective of the Audit Committee is to enhance Council’s understanding of financial and control reporting both internally (as provided by the City’s Internal Audit Division) and statutorily (as provided by the City’s Auditors). The Committee enables Council to fulfill its oversight and stewardship responsibilities. The Committee also provides a focal point for improved communication between Council, the Internal and Statutory Auditors, and Management. The Committee strengthens the impartial, objective and independent review of management practices through the internal and statutory audit functions.

In particular, the Committee’s objectives are to:

  • Demonstrate a higher level of public accountability;
  • Provide additional assurance to the public that City services are administered in an effective, efficient and economical manner;
  • Ensure compliance with legislation for public reporting;
  • Ensure compliance with Corporate policies and procedures;
  • Ensure the safeguarding of City assets
  • Ensure impartial, objective and independent review of processes for City operations

Responsibilities of the Audit Committee

Statutory Audit Function

Making recommendations to City Council regarding the following:

  • The selection and dismissal of the City’s statutory Auditor(s) in accordance with the requirements of Section 296 of the Municipal Act, 2001;
  • The terms of engagement, fees and scope of the audit services provided;
  • The review and approval of the annual Audited Financial Statements; and
  • The review and receipt of reports. Financial and Other Reporting

Internal Audit Charter and Function

  • Discuss with the Director, Internal Audit and the corporate leadership team the appropriate authority, role, responsibilities, scope, and services (assurance and/or advisory) of the internal audit function.
  • Discuss with the Director, Internal Audit and the corporate leadership team other topics that should be included in the internal audit charter.
  • Reviewing and approving the Internal Audit Charter, which includes the internal audit mandate and the scope and types of internal audit services.
  • Review the internal audit charter periodically with the Director, Internal Audit, to consider changes affecting the organization, such as the employment of a new Director, Internal Audit, or changes in the type, severity, and interdependences of risks to the organization; and approve the internal audit charter periodically (typically annually).
  • Participate in discussions with the chief audit executive and senior management about the “essential conditions,” described in the Global Internal Audit Standards, which establish the foundation that enables an effective internal audit function.
  • Ensure a quality assurance and improvement program has been established and review the results annually.

Financial and Other Reporting

  • Reviewing the annual Management Letter prepared by the City’s statutorily appointed auditors and the related management responses.
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