Item - 2020.AU5.7

The Audit Committee recommends that:  

1. City Council appoint KPMG LLP as the auditor licensed under the Public Accounting Act, 2004 who is responsible for annually auditing the accounts and transactions of the City and certain of its local boards and expressing an opinion on the financial statements of these bodies based on the audit.

2. City Council grant authority to the Auditor General to negotiate and enter into an agreement in the amount of $6,733,000 excluding all applicable taxes and charges, $7,608,290 including HST and all applicable charges ($6,851,501 net of HST recoveries), with KPMG LLP being the highest ranked proponent meeting the requirements of the RFP for external audit services to perform the annual financial statement audits for the years 2020 to 2024 inclusive for the City of Toronto and certain of its agencies and corporations, as well as other attest audits of financial information as described in the RFP, as outlined in Attachment 1 to the report (January 24, 2020) from the Auditor General, on the terms and conditions set out in RFP 9119-19-7141(Doc2038917448) and in a form satisfactory to the City Solicitor.

3. City Council authorize the public release of the confidential information in Confidential Attachment 2 to the report (January 24, 2020) from the Auditor General, upon Council’s approval of this contract award to KPMG LLP and KPMG LLP signing the contract.

The purpose of this report is to advise on the results of Request for Proposal (RFP) No. 9119-19-7141 (Doc2038917448) to appoint one (1) auditor licensed under the Public Accounting Act, 2004 to perform the annual financial statement audits for the years 2020 to 2024 inclusive for the City of Toronto and certain of its agencies and corporations, as well as other attest audits of financial information (listed in Attachment 1), and to request authority to enter into an agreement with the recommended proponent, KPMG LLP.