THE REGIONAL MUNICIPALITY OF YORK

REPORT NO. 2

OF THE REGIONAL

AUDIT COMMITTEE

MEETING HELD ON JUNE 8, 2006

For Consideration by

The Council of The Regional Municipality of York

on June 22, 2006

Chair: Regional Councillor T. Van Bynen

Members: Mayor T. Taylor

Regional Councillor B. O'Donnell

Regional Chair B. Fisch

Staff Present: P. Casey, J. Davidson, P. Duggan, K. Hill, J. Hulton, D. Kelly,

L. Russell, J. Simmons

The Audit Committee began its meeting at 10:45 a.m. on June 8, 2006.

[The following links open .pdf files of the Reports and Attachments]

1 2005 FINANCIAL STATEMENTS AND AUDITORS' REPORT

[see also Attachment 1]

2 AUDIT SERVICES BRANCH REPORT

[see also Attachment 1]

[see also Attachment 2]

[see also Attachment 3]

[see also Attachment 4]

3 UPDATE - COMMITTEE PROCEEDINGS

The Audit Committee advises Council of the following matters having been considered by the Audit Committee with the following action:

1. The Audit Committee requested the Director of Audit Services to conduct a review of the Region's internal audit function as set out in the Audit Services Branch Three Year Audit Plan, consisting of a self-assessment based on the Institute of Internal Auditors Standards together with an independent third-party verification, and to report back to the Committee in March, 2007.

The Audit Committee adjourned at 11:35 a.m.

Respectfully submitted,

June 8, 2006 T. Van Bynen

Newmarket, Ontario Chair

(Report No. 2 of the Audit Committee was adopted, without amendment, by Regional Council at its meeting held on June 22, 2006.)

Denis Kelly

(905) 830-4444 x 1300