AUDIT COMMITTEE

A G E N D A

DECLARATIONS OF INTEREST PURSUANT TO

THE MUNICIPAL CONFLICT OF INTEREST ACT.

COMMUNICATIONS/REPORTS.

1.1998 AUDIT PLANNING DOCUMENT

Ernst & Young, External Auditors

(November 19, 1998)

Recommending that the report entitled "City of Toronto - Report to the Audit Committee - 1998 Audit Planning", be received for information.

(Copies of the foregoing report have been circulated to the Committee Members and copies are available from the City Clerk's office upon request.)

2.AUDITOR GENERAL'S OFFICE

City Auditor

(November 5, 1998)

Recommending that City Council continue with the present City Audit structure which includes a direct reporting relationship through the Audit Committee to Council and not establish a separate Auditor General's office.

3.CHEMICAL PRICING

City Auditor

(November 20, 1998)

Recommending that:

(1)the recommendations contained in this report be implemented;

(2)the Purchasing and Materials Management Division (City Purchasing) communicate to city departments the approval and other requirements under the interim financial control and purchasing by-laws, as well as related purchasing policies and procedures, and confirm the roles and responsibilities of the Division and user departments with respect to the procurement of goods and services; and

(3)this report be forwarded to the Works and Utilities Committee for information.

4.CORPORATE VARIANCE REPORTING

City Auditor

(Report Not Yet Available)

5.CORSO ITALIA BUSINESS IMPROVEMENT AREA

Mr. Frank Fazzari, Chairperson, Corso Italia BIA

(November 18, 1998)

Responding to the City Auditor's report on the importance of implementing proper accounting practices, the documenting of board meeting minutes as well as several other suggestions pertaining to BIA operating guidelines