Item - 2020.EP9.17

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 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 City of Toronto Internal Audit was engaged by Exhibition Place in 2019 for the review of the Purchasing and Expenditures Process Controls. This operational review is the first of the additional 3 year cycle review approved in November 2018 in respect to overall risk assessment of operations. This review covers the 14 months period from March 1, 2018 to April 30, 2019.

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

1.  Adequate controls and procedures that exist and are working effectively to ensure accuracy and completeness of employee pay and benefits; and

2.  Potential opportunities for operational improvements and process efficiencies.

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, the auditor’s suggestions and recommendations (Appendix A). Management has provided responses to the audit findings which will help to improve the overall accounting and internal control procedures.