Item - 2019.EP3.4

The Board of Governors of Exhibition Place:

1.  Approved the Draft Audited Financial Statements, attached as Appendix A of Attachment 1 to the report (May 30, 2019) from the Chief Executive Officer, Exhibition Place.

2.  Directed transfer of the total 2018 operating surplus of $2,221,437 to the City of Toronto.

This report presents for the information of the Board the Year End Report and the audit results for the year ended December 31, 2018. The auditor of record for the Board, PricewaterhouseCoopers LLP (PWC), audits these financial statements in accordance with Canadian public sector accounting standards and summarizes issues of audit significance and provides the communications required by their professional standards.

The audit report is the section of the audit results where the auditors make their suggestions and recommendations, based on audit findings, to improve the accounting and internal control procedures. As noted in the full attached Audit Results, during the 2018 audit, the auditors are proposing to issue an unqualified report on the financial statements and have no significant internal control recommendations to report on. This report summarizes the auditor’s comments which details can be found in full in the Attachment.  A representative of PricewaterhouseCoopers LLP (PWC) will be at the Board meeting on June 13, 2019.