AUDIT COMMITTEE

TOWN OF MARKHAM

Canada Room, Markham Civic Centre

DECEMBER 8, 2003

MINUTES

Attendance

Chair: Councillor S. Daurio Vice-Chair, Budget Councillor D. Horchik Vice-Chair, IT Reg. Councillor B. O’Donnell Members: Reg. Councillor J. Heath Councillor J. Virgilio Councillor K. Usman (Alternate): Deputy Mayor F. Scarpitti Others: Reg. Councillor J. Jones Councillor G. McKelvey Councillor A. Chiu Councillor J. Webster Councillor E. Shapero

J. Livey, Chief Administrative Officer A. Taylor, Commissioner of Corporate Services J. Baird, Commissioner of Development Services J. Sales, Commissioner of Community & Fire Services B. Cribbett, Treasurer G. Sequeira, Manager, Financial Reporting J. Kee, Committee Clerk

The Audit Committee convened at the hour of 4:05 p. m. with Councillor S. Daurio in the Chair.

DISCLOSURE OF INTEREST

None

1. 2002 MANAGEMENT LETTER (7.2)

Mr. Robert Correll, Partner, KPMG, was in attendance and reviewed the Auditors' Management Letter for 2002, which included observations and recommendations from KPMG, and management's responses.

Moved by Councillor K. Usman

Seconded by Councillor J. Virgilio

That Council receive and approve the Auditors' Management Letter for 2002, dated December 9, 2003;

And that appreciation be extended to the Chief Administrative Officer, the Commissioner of Corporate Services, the Treasurer, the Manager, Financial Reporting, and all other staff involved in making this year's audit successful.

CARRIED

2. REVIEW OF 2003 BUSINESS PLAN (7.2)

Mr. Robert Correll, Partner, KPMG, distributed copies of the "Audit Planning Report to the Audit Committee for year ending December 31, 2003", and gave a brief overview of the audit plan for the year ending December 31, 2003.

Moved by Councillor K. Usman

Seconded by Councillor J. Virgilio

That the presentation of Mr. Robert Correll, Partner, KPMG, with respect to both the 2002 Management Letter and the 2003 Business Plan be received.

CARRIED

ADJOURNMENT

The Audit Committee adjourned at 4:35 p.m.