Audit Committee

Minutes

Monday, December 16, 2024 at 3:00 P.m. - 4:00 P.m.

Council Chambers - Hybrid

City of Kitchener

200 King Street W, Kitchener, ON N2G 4G7

Present:

• Mayor B. Vrbanovic
• Councillor S. Davey
• Councillor D. Schnider
• Councillor J. Deneault
• Councillor C. Michaud
• Councillor A. Owodunni
• Councillor P. Singh
• Councillor B. Ioannidis
• Councillor M. Johnston
• Councillor D. Chapman (virtual)
• Councillor S. Stretch

Staff:

• D. Chapman, Chief Administrative Officer
• M. May, General Manager, Community Services and Deputy Chief Administrator
• V. Raab, General Manager, Corporate Services
• J. Readman, General Manager, Development Services
• J. Lautenbach, Chief Financial Officer, Financial Services
• D. McGoldrick, General Manager, Infrastructure Services
• K. Fischer, Director, Financial Reporting and ERP Solutions
• G. Demacio, Manager, Financial Reporting
• C. Tasker, Internal Auditor
• D. Saunderson, Deputy Clerk
• M. Blake, Committee Coordinator

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1.

Commencement

The Audit Committee held a meeting this date commencing at 3:06 p.m.

2.

Disclosure of Pecuniary Interest and the General Nature Thereof

None.

3.

Discussion Items

3.1

External Audit Planning Report for Fiscal Year 2024, FIN-2024-517

The Committee considered Financial Services Department report FIN-2024-517, dated December 6, 2024, to which the KPMG report entitled, 'Audit Planning Report (KAEG-I) - 2024' was attached. G. Demacio, Manager, Financial Reporting and Analysis and K. Fischer, Director, Financial Reporting and ERP Solutions, were also in attendance to respond to questions from the Committee.

M. Betik and C. Cheal, KPMG, the City's external Auditor, were in attendance and presented their Audit Planning Report for the year ending December 31, 2024, providing details related to materiality, risk assessment, risks of material misstatement, key milestones and deliverables, and audit quality.

• On motion by Councillor S. Davey

  it was resolved:

  "That the Audit Planning Report for the year ended December 31, 2024, prepared by KPMG, attached as Attachment 'A' to Financial Services Department report FIN-2024-517, be approved."

  Carried

3.2

2025 Internal Audit Work Plan, CAO-2024-510

The Committee considered Chief Administrator's Office report CAO-2024-510, entitled '2025 Internal Audit Work Plan', dated November 26, 2024, providing an outline of the proposed assurance and consulting activities to be conducted by the Internal Auditor in 2025.

C. Tasker, Internal Auditor, presented the report and responded to questions from the Committee.

• On motion by Councillor B. Ioannidis

  it was resolved:

  "That the 2025 Internal Audit work plan be approved as outlined in Chief Administrator's Office report CAO-2024-510."

  Carried

4.

Status Updates

4.1

4th Quarter 2024 Audit Status Report, CAO-2024-511

The Committee considered Chief Administrator's Office report CAO-2024-511, entitled '4th Quarter 2024 Audit Status Report', dated December 4, 2024, providing a summary of the Internal Audit assurance and consulting services completed or underway during the period of July to December 2024.

C. Tasker, Internal Auditor, presented the report advising the audits contained with the report including physical inventory, contractor management, by-law enforcement reorganization, hiring transparency and nepotism, confidential investigations, petty cash and floats, and account and payroll.

5.

Adjournment

On motion, this meeting adjourned at 3:50 p.m.

Mariah Blake
Committee Coordinator