Item - 2025.TTA2.1

Tracking Status

This item was considered by Toronto Transit Commission - Audit, Finance and Risk Management Committee on June 9, 2025 and was adopted without amendment.

TTA2.1 - KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024

Decision Type:: ACTION

Status:: Adopted

Commission Decision

The TTC Audit & Risk Management Committee:

1. Received the KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024, in Attachment 1; and

2. Forwarded a copy of this report to the TTC Board for its meeting on June 23, 2025, and subsequently to the City Clerk for appropriate handling to the next City Audit Committee meeting.

Origin

(June 9, 2025) Report from the Deputy Chief Executive Officer

Summary

This report appends the Audit Findings Report from KPMG LLP’s (KMPG) audit of the TTC’s consolidated financial statements for the year ended December 31, 2024. The KPMG Audit Findings Report, in addition to providing an overview of the audit results, specifically details any key audit risks identified, testing procedures performed to address them, and resulting conclusions. KPMG proposes to issue an unqualified Independent Auditor’s Report on the TTC’s consolidated financial statements for the year ended December 31, 2024.

Background Information

(June 9, 2025) Report from the Deputy Chief Executive Officer on KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024
https://www.toronto.ca/legdocs/mmis/2025/tta/bgrd/backgroundfile-255896.pdf
Attachment 1 - Toronto Transit Commission Audit Findings Report for the year ended December 31, 2024
https://www.toronto.ca/legdocs/mmis/2025/tta/bgrd/backgroundfile-255897.pdf

Communications

(June 8, 2025) E-mail from Nicole Corrado (TTA.New)

Motions

Motion to Adopt Item moved by Fenton Jagdeo (Carried)

It is recommended that the TTC Audit and Risk Management Committee:

1. Receive the KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2024, in Attachment 1; and

2. Forward a copy of this report to the TTC Board for its meeting on June 23, 2025, and subsequently to the City Clerk for appropriate handling to the next City Audit Committee meeting.