Item - 2014.AU14.3

Tracking Status

  • City Council adopted this item on April 1, 2014 without amendments and without debate.
  • This item was considered by the Audit Committee on February 28, 2014 and adopted without amendment. It will be considered by City Council on April 1, 2014.

AU14.3 - 2013 Annual Report Requested by the Audit Committee - Demonstrating the Value of the Auditor Generalís Office

Decision Type:
Presentation
Status:
Adopted
Wards:
All

City Council Decision

City Council on April 1, 2 and 3, 2014, adopted the following:

 

1.         City Council receive the report (February 7, 2014) from the Auditor General, for information.

Background Information (Committee)

(February 7, 2014) Report from the Auditor General - 2013 Annual Report Requested by the Audit Committee - Demonstrating the Value of the Auditor Generalís Office
https://www.toronto.ca/legdocs/mmis/2014/au/bgrd/backgroundfile-66965.pdf
(February 28, 2014) Presentation Material submitted by the Auditor General
https://www.toronto.ca/legdocs/mmis/2014/au/bgrd/backgroundfile-67286.pdf

AU14.3 - 2013 Annual Report Requested by the Audit Committee - Demonstrating the Value of the Auditor Generalís Office

Decision Type:
Presentation
Status:
Adopted
Wards:
All

Committee Recommendations

The Audit Committee recommends that:

 

1.         City Council receive the report (February 7, 2014) from the Auditor General, for information.

Decision Advice and Other Information

The Auditor General made a presentation to the Audit Committee on the 2013 Annual Report Requested by the Audit Committee - Demonstrating the Value of the Auditor General's Office.

Origin

(February 7, 2014) Report from the Auditor General

Summary

This report responds to a 2004 request from the Audit Committee that the Auditor General provide on an annual basis the “value added of his department”.

 

This report contains the Auditor General’s estimate of the quantifiable financial benefits resulting from the work conducted by the Auditor General’s Office during the five-year period from 2009 to 2013.  Since 2009, total one-time and projected five-year cost savings and revenue increases are approximately $223.1 million.  The cumulative costs of operating the Auditor General’s Office since 2009 have been $19.4 million.  In simple terms, for every $1 invested in the Auditor General’s Office the return on this investment has been approximately $11.50.

 

The identification of cost savings and increased revenues is only one component of the role of the Auditor General.  Equally important is the ongoing evaluation of internal controls, risk management, and governance processes.  However, the benefits of audits of this nature are not quantifiable in financial terms.

Background Information

(February 7, 2014) Report from the Auditor General - 2013 Annual Report Requested by the Audit Committee - Demonstrating the Value of the Auditor Generalís Office
https://www.toronto.ca/legdocs/mmis/2014/au/bgrd/backgroundfile-66965.pdf
(February 28, 2014) Presentation Material submitted by the Auditor General
https://www.toronto.ca/legdocs/mmis/2014/au/bgrd/backgroundfile-67286.pdf

Motions

Motion to Adopt Item moved by Councillor John Parker (Carried)
Source: Toronto City Clerk at www.toronto.ca/council