The City of Toronto’s Audit Committee, consisting of several City Council members, exercise responsibility in three areas: financial reporting, corporate governance and corporate control.
The Audit Committee is responsible for:
- recommending the appointment of the City’s external auditor
- recommending the appointment of an external auditor to conduct the annual audit of the Auditor General’s office
- reviewing the annual external audit of the financial statements of the City and its agencies and corporations
- reviewing the annual external audit of the Auditor General’s office
- reviewing the Auditor General’s reports and audit plan
- conducting an annual review of the Auditor General’s accomplishments
- making recommendations to Council on reports the Audit Committee considers
- reviewing performance audits and other reports of the Auditor General concerning City agencies and City corporations