Item - 2024.EP14.2

The Board of Governors of Exhibition Place:

1. Received for information the City of Toronto Internal Audit report attached as Appendix A to the report (November 28, 2024) from the Chief Executive Officer, Exhibition Place.

The City of Toronto Internal Audit was engaged by Exhibition Place in 2024 for the review of the Event Revenue and Receivables as part of Exhibition Place continuous review of key processes and controls in support of its financial goal to ensure its operations are sustainable and competitively priced. This includes reviewing current systems, agreements, practices, processes, and procedures to assess opportunities for more efficient, effective, and sustainable delivery of operations and be open to change, including future enhancements that are required to support growth in our events, conventions, and tradeshow business.

The objectives of this review were to assess whether:

1. adequate processes and controls were in place for the establishment and

administration of event-related contracts at Exhibition Place, and

2. any opportunities for improvement to existing processes and controls exist.

Exhibition Place Event Revenue and Receivables Review Report 2024, Appendix A, prepared by the Director, City Internal Audit, highlights their review and summarizes issues of the engagement, 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 process and procedures.

City Internal Audit staff will be attending the Board meeting on December 12, 2024 in case there are questions of staff.