Item - 2020.EP15.3

The Board of Governors of Exhibition Place:

1.  Received the report (November 24, 2020) from the Chief Executive Office, Exhibition Place for information.

In 2019 the Board engaged the City of Toronto Internal Audit to perform a review of the Purchasing and Expenditures Process Controls. This operational review was part of the Boards annual overall risk assessment of operations. This review covered the 14 months period from March 1, 2018 to April 30, 2019.

At its meeting of February 11, 2020, the Board consider and adopted the audit report EP9.17, and directed the Chief Executive Officer, Exhibition Place to report to the Board of Governors of Exhibition Place by June 2020 on the status of implementation of the recommendations in the Exhibition Place Internal Audit Report - Purchasing and Expenditures Review in Appendix A to the report (November 28, 2019) from the Chief Executive Officer, Exhibition Place.

The Internal Audit Report from 2019 is attached as Appendix B to this report along with the highlights of the review, and summarizes issues of the engagement, and the auditor’s suggestions and recommendations. Management has provided responses to the audit findings which will help to improve the overall accounting and internal control procedures.

As part of the Boards continuing annual process to ensure that management actions have been effectively implemented, staff will report back to the Board on the status of the recommendations in Appendix A from City Internal Audit in the preceding year 2019.