Item - 2026.TTC15.12

The TTC Board:

1. Approved the KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2025 in Attachment 1.

2. Forwarded a copy of this report to the City Clerk for appropriate handling to the next City Audit Committee meeting.

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, 2025. 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, 2025.