Item - 2017.AU9.15

Tracking Status

  • This item was considered by the Audit Committee on June 27, 2017. The Committee received the item for information only. No further action will be taken on this item.

AU9.15 - Audit Work Plan - 2017 Update and 2018 New Audits

Decision Type:
ACTION
Status:
Received
Wards:
All

Committee Decision

The Audit Committee:

 

1.  Received the report (June 13, 2017) from the Auditor General, headed "Audit Work Plan - 2017 Update and 2018 New Audits", for information.

Origin

(June 13, 2017) Report from the Auditor General

Summary

The purpose of this report is to provide the Audit Committee with an overview of how the resources allocated to the Auditor General’s Office will be used in 2017 and 2018. The report provides an update of the 2017 audits and the planned work for 2018.

 

In response to the Council approved increase of $1.0 million to her 2017 operating budget, the Auditor General has included additional audits to her 2017 Audit Work Plan, many of which are currently underway. Additional audits have also been planned for 2018 in anticipation of the further funding increase of $1.5 million in 2018.

 

From 2012 to 2016, the one-time and projected five-year cost savings and revenue increases (net of implementation costs) identified through audits and investigations completed by the Auditor General, total approximately $160.5 million. The total cost of operating the Auditor General’s Office for this period was $21.7 million. The return on every dollar invested in the Auditor General’s Office was approximately $7.4.

  

The Auditor General’s annual Audit Work Plan is based on projects identified from the latest risk assessment, as well as consultations with City Councillors and City management. With the additional funding, the Auditor General can now address the high priority projects on a more timely basis by including more projects in her annual Audit Work Plan. This will result in a gradual decline of backlogged projects that have been constrained by prior years’ operating budgets. The additional funding will also enable the Auditor General to acquire services of specialists on audits requiring subject matter expertise. The Auditor General’s Forensic Unit will also be undertaking more major investigations with the additional resources.

Background Information

(June 13, 2017) Report from the Auditor General - Audit Work Plan - 2017 Update and 2018 New Audits
https://www.toronto.ca/legdocs/mmis/2017/au/bgrd/backgroundfile-105132.pdf
Attachment 1 - Auditor Generalís Work Plan - 2018; Attachment 2 - Status Update on Auditor Generalís Revised 2017 Work Plan; Attachment 3 - Detailed Listing of Audit Reports Presented at Audit Committees January 2012 to June 2017
https://www.toronto.ca/legdocs/mmis/2017/au/bgrd/backgroundfile-105133.pdf

Speakers

Derek Moran

Motions

Motion to Receive Item moved by Councillor Christin Carmichael Greb (Carried)
Source: Toronto City Clerk at www.toronto.ca/council