►
From YouTube: TO Live - Audit Committee - June 23, 2020
Description
TO Live - Audit Committee, meeting 6, June 23, 2020
Agenda and background materials:
http://app.toronto.ca/tmmis/decisionBodyProfile.do?function=doPrepare&meetingId=17730
Meeting Navigation:
0:00:00 - Call to order
0:13:16 - Meeting resume
1:04:45 - Public session
Agenda Items:
1:04:52 - RZ6.1 - Cyber Security - Second Quarter Update
1:05:10 - RZ6.2 - 2018 Audited Financial Results
0:13:41 - RZ6.3 - 2019 Audited Financial Results
1:05:52 - RZ6.4 - 2020 First Quarter Financial Results and Commentary
0:24:25 - RZ6.5 - Toronto Live Foundation - Draw Request
A
A
B
B
This
will
make
it
easier.
His
chair
was
watching
to
choke
sir
first
they
participate
in
the
debate
on
each
item
and
during
votes
last
of
all
members
and
staff
keeping
microphones
on
mute.
Unless
you
need
to
enter
a
question
or
speak,
if
any
members
do
speak
so
stop
presented.
I
will
then
ask
members
wish
to
ask
questions
or
of
staff
or
to
speak?
If
you
do,
please
make
sure
your
video
is
on
and
raise
your
hand
or
you
might
get
it.
Your
intention
to
speak
and
I'll
create
a
speaker's
list.
B
B
And
the
window
peoples
and
is
now
home
to
many
diverse
nations.
He
knew
they
made
these
people,
also
known
as
that
trunk
was
covered
by
13
with
the
Mississauga.
Are
there
any
declarations
of
interest
municipal
conflict
of
interest
act
if
you
do
have
an
interest,
please
hand
on
your
mind,
rightio
a
motion
to
confirm
the.
B
B
Okay,
we
have
five
items
on
the
agenda:
a
presentation
from
our
loopers
on
our
Z
6.3
then
item
ours
at
6.5.
They
don't
move
a
motion
to
consider
art
said
six
three
and
remaining
items
in
closed
session,
at
which
point
the
YouTube,
video
speed
will
be
turned
off
and
any
staff
not
required
to
the
session
will
be
temporary
removed
from
the
call
using
WebEx
lobby
feature
after
the
closed
session
is
complete.
We
will
resume
the
public
session
to
consider
all
these
geysers
publicly
and
finish
the
agenda.
Our
first
item
is
ours.
B
B
B
B
B
B
B
B
A
B
C
A
A
E
A
B
F
Great
thank
you
Paul
good
morning.
Everyone
I'll
assume
the
reports
been
pre,
read
and
I'll
touch
upon
the
highlights
and
I
would
ask
the
committee
and
anybody
else
that,
should
you
have
any
comments
or
questions
along
the
way,
please
feel
free
to
stop
me
and
both
Samir
and
I
who's
joined
me
on
the
call
today
we'll
do
our
best
to
respond.
F
If
you're,
following
along
a
report
in
terms
of
status
of
the
audit
in
section
one,
we
are
substantially
complete
the
audit
for
the
2019
financial
statements.
There
are
four
items
that
we've
listed
here
is
open
and
outstanding
item
number
two,
the
legal
letters
we
have
now
received
back
in
in
full,
so
no
issues
to
report
there.
The
other
three
items
that
you
see
there
are
I'll,
say
routine,
open
items
that
we
would
leave
open
until
the
approval
scheduled
approval
of
the
financial
statements
by
the
board.
So
I
would
consider
those
procedural
in
nature.
F
I
can
make
a
few
overall
comments
that
we
receive
full
cooperation
from
the
tio
live
management
team.
Throughout
the
audit
we
had
no
significant
disagreements.
We
completed
the
audit,
largely
in
course
with
our
timelines.
We
completed
the
procedures
as
we
had
planned
and
I
would
report
to
the
committee
that
we
completed
the
audit
this
year
with
the
restrictions
of
kovat
remotely
so
the
entire
year
and
field
work
was
completed,
remotely
leveraging
technology
and
working
closely
with
management
to
share
schedules.
Things
of
that
nature.
F
All
done
electronically,
section
2
of
our
report,
itemizes
significant
accounting
auditing
matters,
there's
five
items
there
that
we've
commented
on
the
first
two
areas
are
mandatory,
significant
risk
areas
for
all
audits.
The
tli
financial
statements
are
no
different,
not
being
risks
associated
with
fraud
and
revenue,
recognition
that,
as
an
auditor,
were
required
to
design
procedures
and
execute
on
those
to
address
or
mitigate
the
risk
and
then,
secondly,
risks
associated
with
management
override
to
controls
again,
as
an
auditor
were
required
to
design
procedures
to
address
and
mitigate
those
risks.
F
I
can
confirm
to
the
committee
that
we
have
executed
the
procedures
in
both
of
those
areas,
as
we
had
planned
that
included
sample
testing
of
revenue
transactions
during
the
year,
but
also
included
looking
at
journal
entries
following
a
risk-based
approach.
We
completed
those
procedures
and
have
no
matters
or
significant
findings
to
bring
to
your
attention.
F
Turning
over
to
other
key
matters
for
discussion,
if
you're
following
its
page
8
of
our
PDF,
there
are
three
other
items
to
bring
to
the
committee's
attention.
Firstly,
with
respect
to
intercompany
payables
with
the
City
of
Toronto,
as
you
recall
for
those
committee
members
that
were
there
this
time.
Last
year
we
had
a
discussion
around
an
intercompany
payable
that
was
recorded
in
the
accounts
of
teo
live
owing
to
the
city
of
toronto.
There
were
deliberations
and
negotiations
around
payable
as
it
relates
to
what's
outstanding,
and
it
was
ultimately
determined
that
the
payable
was
not
supportable.
F
F
The
the
second
of
two
items
on
this
page
to
comment
on
on
page
8
is
the
Toronto
Life
Foundation.
So,
as
you
may
or
may
not
be
aware,
there
was
a
new
Toronto
live
foundation
that
was
created
in
the
fall
of
November
of
2018.
There
were
no
transactions
in
2018
if
there
were
amounts
that
were
transferred
from
t/o
live
to
the
foundation
in
2019.
That
was
in
the
amount
of
2.3
million
dollars.
F
That
amount
has
been
reflected
as
an
outflow
in
the
CHEO
live
financial
statements,
and
you
will
notice
in
the
financial
statements
there's
additional
disclosures,
as
required
under
public
sector
accounting
standards
or
the
relationship
between
tío
live
and
the
Toronto
Life
Foundation,
as
well
as
some
disclosures
with
respect
to
the
Toronto
Life
Foundation
itself.
We
have
reviewed
those
disclosures
and
are
and
are
comfortable
with
how
they're
presented
in
the
financials
at
the
end
of
the
year.
F
Third
of
three
items
to
to
bring
to
the
committee's
attention
is
on
page
nine
of
our
report.
Titled
legal
claim
again.
This
would
be
a
follow
on
or
an
update
to
what
we
discussed
that
this
committee.
Previously,
there
was
a
claim
that
was
served
to
both
the
city
of
Toronto
and
and
the
legacy
Board
of
Directors
of
the
Sony
Center
at
a
prior
year
relates
to
the
redevelopment
of
now.
What's
called
the
Meridian
Hall.
F
The
view
taken
both
internally
as
well
by
external
counsel,
is
that
it's
early
stages
no
amounts
too
early
to
determine
if
any
amount
is
owing,
and
so
no
liability
has
been
reflected
in
the
financial
statements
and
that's
been
disclosed
as
such
in
the
financials.
Based
on
the
legal
letters
that
we
received
the
discussions
we
had
with
legal,
we
are
comfortable
with
the
accounting
conclusion
and
the
disclosures
that
they
meet
the
disclosure
requirements
under
public
sector
accounting
standards.
F
Just
a
few
items
to
highlight
here
to
the
committee
we
have
included
after
of
our
report,
which
would
be
an
unqualified
opinion,
order,
both
clean
opinion
in
Appendix
1
we've
provided
a
copy
of
our
representation
letter
that
we
would
get
management
to
sign
on
this
same
date,
the
board
is
scheduled
to
approve
the
financials.
Those
would
be
standard
representations,
that's
there
for
the
committee's
viewing
and
appendix
2.
F
We're
not
aware
of
anything
in
terms
of
significant
internal
control
deficiencies,
nothing
to
report
based
on
the
test,
work
that
we
did
as
part
of
the
2019
audit
and
the
topic
of
fraud
and
illegal
acts.
We
are
required
to
have
an
annual
communication
at
minimum
with
the
committee.
Nothing
has
come
to
our
attention
based
on
our
inquiries
of
management,
based
on
the
work
that
we
completed
with
respect
to
known,
alleged
or
suspected
frauds
mr.
chair.
A
F
Thank
you
for
that.
The
subsequent
events
we're
not
aware
of
any
subsequent
events.
That
is,
in
addition
them
to
what
is
disclosed
in
the
financial
statements.
You
will
notice
that
in
the
financial
statements
there
is
additional
wording
dealing
with
the
subsequent
event
with
kovat
19
and
the
pandemic
in
the
impacts
to
Teo
life.
That's
been
reflected
as
a
subsequent
event.
As
a
last
note
in
the
financial
statements,
I
would
pause
mr.
chair,
and
this
is
the
second
of
two
questions.
F
F
B
F
I
would
say
it
is,
it
is
tailored.
The
note
was
not
meant
to
be
generic,
although
I
would
say
you
know,
when
you
look
at
the
wording.
The
first
paragraph
is
generic.
That
can
certainly
be
shortened
if
that
would
be
the
committee's
preference,
but
the
the
second
paragraph
you're
really
trying
to
hone
in
on
what
are
the
implications
to
the
particular
entity
so
happy
to
take
any
any
comments
you
may
have
I
I
think
it's.
B
E
Yes,
thank
you
to
the
church,
I'll
be
as
brief
as
possible.
There
are
two
parts
to
this
report.
The
first
is
a
request
for
a
draw
for
a
million
dollars
from
the
foundation
if
needed,
for
operating
for
the
next
six
months.
This
is
a
contingency
operational
amount
which
would
give
us
the
ability,
as
as
the
board
is
aware
and
the
emergency
plan,
that
we
gave
to
the
board
at
the
last
board
meeting,
which
was
asked
and
which
has
subsequently
voted
in
put
in
place.
E
There
are
two
sources
of
funding
we
have
currently
for
the
operating
of
a
company
to
get
us
through
until
we
begin
opening
up
again,
that
is
the
city
subsidy,
the
base
City
subsidy,
which
is
given
to
us,
and
then
the
Meridian
Credit
Union
naming
rights
we
wanted
to
provide
in
case
either
of
these
should
not
come
through.
At
any
point,
we
wanted
to
make
sure
that
there
was
an
alternative
draw.
E
It
would
allow
us
to
meet
our
obligations,
at
least
in
the
short
run,
as
we're
asking
for
up
to
a
million
dollars
in
order
to
do
that,
that's
the
first
part
of
the
request.
The
second
part
of
the
request
is
contingent
on
not
needing
the
first
part
of
the
request,
so
if
we
do
not
need
any
draw
for
operating
and
the
other
two
sources
of
income
continue,
then
we
would.
E
We
would
like
to
request
to
the
audit
and
to
the
board
or
a
request
to
drop
for
the
foundation
for
the
real
purpose
of
the
foundation,
which
is
programming.
This
would
be
to
help
underwrite
the
cost
for
the
program
for
recovery
which
you
have
before
you.
This
is
the
provision
of
space
program.
This
is
from
a
detailed
report
that
Josephine
Ridge
has
done.
You
will
have
a
very
long
PowerPoint
that
you
can
review
of
leave.
Seen
already.
E
This
is
direct
from
dialogue
to
the
with
the
community
that
the
artists,
which
have
been
in
their
homes,
like
the
rest
of
us
for
a
long
period
of
time
and
before
they're,
all
able
to
perform
an
open
to
audiences,
would
provide
a
opportunity
for
them
for
creation,
and
thus
we
were
asking
for
an
underwriting
of
that
for
$250,000
from
the
foundation,
which
we
believe
as
staff
is
a
very
good
use
of
this.
Thank
you.
B
C
E
C
So
basically,
there
was
a
report
submitted
on
June
9th
and
then
a
supplementary
report
submitted
on
the
17th
and
you're
right.
One
of
the
motions
is
a
duplicate,
but
you'll
have
the
opportunity
to
move
a
motion
in
this
meeting
to
replace
the
original
recommendation.
I
also
know
that
there's
no
confidential
attachment
here
so
currently,
this
item
would
not
be
discussed
in
closed
session,
is
itself
public
information.
So
this
would
be
the
time
you
move
the
recommendations.
E
B
B
E
B
B
A
A
My
concern,
of
course,
is
is
is
where
you
I
do
sort
of
using
funds
from
the
foundation
for
operating
and
that
wasn't
the
intent
of
the
foundation.
That's
not
the
intent
of
money
so
want
to
make
sure
that
the
city
is
number
one
agreeable,
but
are
they
guaranteeing
this?
If
you've
got
that,
you
have
to
use
that
money?
No.
E
The
city
is
not
guaranteeing
it
because
it
is
a
draw,
not
alone,
and
the
reason
we
are
putting
it
forward
is
because
the
as
the
counselor
is
where
the
process
with
the
city
currently
is
a
biweekly
report
to
the
city,
and
we
want
to
have
to
be
honest.
We
want
to
make
sure
that
we
don't
run.
If
the
city
were
ever
at
any
time
not
to
pay
the
base
up
speed,
then
we
would
need
to
look
to
other
areas
for
income,
otherwise
we
would
quickly
run
into
a
wall
with
expenses.
So.
D
D
D
Ede
cash
that
you
know
isn't
tied
up
in
ticket
sales.
Why
don't
we
do
a
loan,
for
example?
That
would
show
you
know
future
potential,
sponsors
or
donors
that
you
know.
Yes,
we
withdrew
from
the
foundation
in
a
time
of
crisis,
but
we
paid
it
back.
No,
obviously,
we
control
the
I
think
right
now,
the
the
board
of
the
foundation,
so
we
can
put
the
interest
rate.
E
To
the
chair,
if
I
may
answer
it
to
the
end
to
the
committee,
a
reminder
that
the
at
the
very
beginning
of
the
crisis
we
attempted
to
take
a
loan
from
the
from
the
foundation
and
the
City
of
Toronto
does
not
allow
the
agencies
to
accept
loans
from
outside
organizations.
That
would
include
foundations
related
to
the
agency.
B
That's
right:
we
can't
even
get
a
proper
credit
card
program
because
of
that
restriction,
so
so
alright
I
step
one
last
push
on
the
250.
Let's
worst-case
scenario:
none
of
the
other
funding
comes
through
the
whole
three
million
dollars
from
when
you
you're
hoping
to
get
support
on
no
one
comes
to
the
table.
Unlikely
scenario,
but
let's
say
it
happens,
is
the
250
still
necessary?
B
Okay,
then,
if
we
may
turn
the
board
meeting,
when
we
get
to
the
section,
you
could
walk
through
all
the
grant
money
you're
looking
for
and
what
what
benefits
it
brings.
That
would
just
be
educational
more
than
anything
else,
but
let's
defer
that
to
that
meeting
so
can
I
ever
go
back
this
book
all
right,
renounce
the
city,
the
clerk
to
display
a
motion
with
the
recommendations
from
the
supper
report
on
the
slander
which
I'll
read
out
loud
as
well.
B
B
Okay,
at
the
board
of
director
Board
of
Directors
of
tio
live
director.
President
CEO
feel
live
to
request
the
draw
of
up
to
1
million
dollars
for
operating
support
from
the
Toronto
Life
Foundation
board
to
address
at2020
operating
funding
shortfall
to
direct
president
CEO
he'll
live
to
request
funds
from
the
250,000
from
the
Toronto
Life
Foundation
board
to
support
the
first
phase
of
Pio
lines.
Recovery
program
described
in
attachment,
1
and
xB
pages
19
to
23
in
the
event
that
the
recommendation
one
above
will
not
be
required
directly.
B
B
B
Hey
that
the
T
on
live
audit
committee
recesses
public
session
to
meet
in
closed
session
to
consider
the
following
items:
6.1
cybersecurity.
Second
quarter,
update
Azure
involve
security.
The
property
of
the
board
six
to
2018
are
the
financial
results.
Six
three
thousand
nineteen
out
of
the
financial
results,
six
four
twenty
twenty
first
quarter,
financial
results
and
commentary
as
it
contained
financial
information
supplied
in
confidence.
B
The
meteo
live
audit
committee,
which,
if
disclosed,
would
reasonably
expected
to
prejudice
significantly
the
competitive
position
of
or
in
position
of
fear
or
endure,
interfere
significantly
with
the
contractual
or
other
negotiations
of
a
person
group
of
persons
or
organization.
All
in
favor,
a
motion
I
lost
close
to
meeting
the
members
of
the
public
in
order
to
provide
access
to
members
in
a
burqa
staff
for
the
most
portion
of
this
meeting.
In
addition,
the
livestream
will
be
suspended
until
the
closed
session
is
over
members
and
staff.