Item - 2020.EP15.7

The Board of Governors of Exhibition Place:

1.  Directed the Chief Executive Officer, Exhibition Place to report to the Board of Governors of Exhibition Place in June 2021 or earlier on the status of implementation of the recommendations in the Exhibition Place Internal Audit Report - Capital Project Management Process in Appendix A to the report (November 24, 2020) from the Chief Executive Officer, Exhibition Place.

The City of Toronto Internal Audit was engaged by Exhibition Place in 2020 for the review of the capital project management processes. This operational review is the second of the additional 3 year cycle review approved by the Board in November 2018 in respect to overall risk assessment of operations. This review covered five (5) major projects undertaken in 2020 as part of a $7.80 million capital budget.

This report presents for the information of the Board the results of the review and whether there are:

1.  Adequate processes and controls are in place to ensure that capital projects are properly managed; and

2.  Opportunities for enhancement to existing processes and controls exist.

The Internal Audit Report is attached as Appendix A 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 control environment surrounding this process.