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

AUDIT SUB-COMMITTEE
DISPOSITION 6
24 MAY 2012
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