Item - 2024.AU6.7

The Audit Committee recommend that:  

1. City Council receive the report (September 30, 2024) from the Auditor General for information.

This report provides the results of the External Quality Control Review performed by the Association of Local Government Auditors for the period January 1, 2021 through December 31, 2023. The Auditor General's Office has received the highest rating, an unqualified "pass" opinion, on its peer review - the seventh time the Office has received this rating.

The peer review team found that the “City of Toronto Auditor General's control system was adequately designed and operating effectively to provide reasonable assurance of compliance with Government Auditing Standards and applicable legal and regulatory requirements for audits during the period from January 1, 2021, through December 31, 2023.” It is also worth noting that the Auditor General's Office did not receive a management letter with suggestions for improvement from the peer review team during this review.

Compliance with Government Auditing Standards is an important component of audit quality and is critical in maintaining credibility with City Council, management and taxpayers.