Audit Sub-Committee

 

DISPOSITION 6

 

Thursday, 24 May 2012

 

 

Note:    1.         The Finance and Economic Development Committee will be requested to consider items at its meeting of 5 June 2012.

 

 

Confirmation of minutes

 

Minutes 5 of 24 November 2011.

 

                                                                                                            CONFIRMED

 

 

CITY MANAGER’S OFFICE

 

1.         QUALITY ASSURANCE REVIEW – OFFICE OF THE AUDITOR GENERAL

ACS2012-CMR-OCM-0002                                                                   city-wide

 

That the Audit Sub-Committee recommend that the Finance and Economic Development Committee recommend Council receive the attached Office of the Auditor General Quality Assurance Review report prepared by PricewaterhouseCoopers LLP.

 

                                                                                                CARRIED

 

 

AUDITOR GENERAL’S OFFICE

 

2.         OFFICE OF THE AUDITOR GENERAL (OAG) – RESPONSE TO THE QUALITY ASSURANCE REVIEW

ACS2012-OAG BVG-0001                                                                    CITY-WIDE

 

That the Audit Sub-Committee recommend that the Finance and Economic Development Committee recommend Council:

 

1.    Approve the OAG’s response to the Quality Assurance Review, including the adoption of City of Ottawa OAG Audit Standards as contained in this report and as outlined in Document 1; and

 

2.    Direct that the OAG work with the City Clerk and Solicitor to bring back amendments to the By-law governing the OAG, highlighting the changes to same. 

 

                                                                                                CARRIED as amended

 

DIRECTION TO STAFF

 

Further to the PricewaterhouseCoopers LLP recommendation with respect to “Fact Validation and Management Responses”, that the OAG bring forward a report on the revised protocol in September, in advance of his 2011 Annual Report.

 

 

CITY TREASURER AND FINANCE

TRÉSORERIE ET FINANCES DE LA VILLE

 

3.         2011 City of OTTAWA CONSOLIDATED FINANCIAL STATEMENTS

ACS2012-CMR-FIN-0020                                                                      CITY-WIDE

 

That the Audit Sub-Committee recommend that the Finance and Economic Development Committee recommend Council approve the 2011 City of Ottawa Consolidated Financial Statements.

 

                                                                                                CARRIED

 

 

4.         SINKING FUND FINANCIAL STATEMENTS AND DISTRIBUTION OF SURPLUS

ACS2012-CMR-FIN-0021                                                                      CITY-WIDE

 

That the Audit Sub-Committee recommend that the Finance and Economic Development Committee recommend Council approve:

 

1.    The Sinking Fund Financial Statements for 2011; and

 

2.    The distribution of the sum of $1,671,412.36 from the City of Ottawa Sinking Fund representing the surplus in excess of the debenture commitment authorized by By-law 33 of 1991 which matured on February 28, 2011, to the City of Ottawa.

 

                                                                                                      CARRIED