HomeMy WebLinkAboutAudit May 11, 2021 Minutes Cape Breton Regional Municipality
Audit Committee Minutes
Tuesday,
May 11, 2021
1:30 p.m.
Via Videoconference
Deputy Mayor Earlene MacMullin called the meeting to order.
Present: Deputy Mayor Earlene MacMullin, Chair
Councillor Cyril MacDonald
Councillor Glenn Paruch
Councillor Steve Parsons, Vice-Chair
Councillor Lorne Green
Mark Galley, Citizen Appointee
Rakesh Kochhar, Citizen Appointee
Staff. Marie Walsh, Chief Administrative Officer
Jennifer Campbell, Chief Financial Officer
John MacKinnon, Deputy Chief Administrative Officer
Deborah Campbell Ryan, Municipal Clerk
Adam MacNeil, Manager of Finance
Sharon MacSween, Senior Administrative Assistant
Tanya Nicholson, Recording Secretary
Also
Attending: N/A
CBRM Audit Committee
May 11,2021 Approved July 6,2021 Page 2 of 5
Summary of Decisions
Roll Call
1. Approval of Minutes:
Motion to approve the Audit Committee Minutes of:
➢ September 28th, 2020
Motion Carried.
2. Approval of Agenda:
Motion to approve the May 11, 2021 Audit Committee agenda and Addendum as
circulated. Carried.
2. a) Selection of Vice-Chair:
Motion to cease nominations for Vice-Chair of the Audit Committee. Carried.
Councillor Steve Parsons was declared Vice-Chair of the Audit Committee.
3. MNP —Presentation:
a) Summary Audit Service Plan:
Darren Chiasson, CPA, CA with MNP, presented the Summary Audit Service Plan.
For Information Only.
4. Audit Committee Terms of Reference:
The Terms of Reference for the Audit Committee was reviewed.
Citizen Kochhar declared a Conflict oflnterest with regard to discussions on banking
services and removed himselffrom the debate and vote.
Motion that staff be directed to proceed with the Request for Proposals (RFP)process for
banking services, and to evaluate and review proposals in order to make an award in
June, which will be presented to the Audit Committee with the scheduled insurance
presentation. Carried.
Adiournment
CBRM Audit Committee Minutes
May 11,2021 Approved July 6,2021 Page 3 of 5
Roll Call
1. Approval of Minutes:
Motion:
Moved by Councillor Parsons, seconded by Citizen Kochhar, approval of the Audit
Committee Minutes of:
➢ September 28th 2020
Motion Carried.
2. Approval of Agenda:
Motion:
Moved by Councillor Cyril MacDonald, seconded by Councillor Parsons, approval of the
May 11, 2021 Audit Committee Agenda and Addendum as circulated.
Motion Carried.
ADDENDUM:
2. (a) Selection of Vice—Chair:
The Chair called for nominations for the Vice-Chair of the Audit Committee.
Councillor Green nominated Councillor Parsons for the position of Vice-Chair of the
Audit Committee. Councillor Parsons accepted the nomination.
The Chair asked if there were any additional nominations for Vice-Chair. Hearing
none, the following motion was brought forward.
Motion:
Moved by Councillor Green, seconded by Citizen Galley, to cease nominations for Vice-
Chair of the Audit Committee.
Motion Carried.
The Chair declared Councillor Steve Parsons as Vice-Chair of the Audit Committee.
The Chair welcomed recently appointed Citizen Mark Galley to the Committee and
thanked both he and Citizen Kochhar for volunteering to serve on the Audit Committee.
Continued...
CBRM Audit Committee Minutes
May 11,2021 Approved July 6,2021 Page 4 of 5
3. MNP —Presentation:
a) Summary Audit Service Plan:
Darren Chiasson, CPA, CA —Partner Business Advisor, MNP - presented the Summary
Audit Service Plan highlighting the following:
• Areas of Audit Emphasis for 2021
Summarized Testing Approach for 2021
• Materiality —CBRM & Water Utility
• Audit Team
• Timetable
• Estimated Fees
• Auditor Independence
The Chair thanked Darren Chiasson for his presentation.
4. Audit Committee Terms of Reference:
Jennifer Campbell, Chief Financial Officer (CFO), reviewed the responsibilities of the
Audit Committee to ensure there are no gaps in the fulfillment of these duties. The
following was highlighted:
• Key financial information that will be provided to the Province or made public —
Financial Condition Indicators
• External and/or Internal Audit Activities
• The System of Internal Controls, Risk Management and Financial Information
Technology
Cash and Investment Management Activities
• Insurance Coverage and Significant Risks and Uncertainties
The CFO advised that the Audit Committee they may want to consider directing staff to
issue a Request for Proposals (RFP) for banking services considering the significant
length of time that has elapsed since the last banking service agreement was negotiated.
At this point in the meeting, Citizen Kochhar declared a Conflict of Interest with regard
to discussions on banking services and removed himselffrom the debate and vote.
Continued...
CBRM Audit Committee Minutes
May 11,2021 Approved July 6,2021 Page 5 of 5
Audit Committee Terms of Reference(cont'd):
Motion:
Moved by Councillor Green, seconded by Councillor Parsons, that staff be directed to
proceed with the Request for Proposals (RFP) process for banking services, and to
evaluate and review proposals in order to make an award in June, which will be presented
to the Audit Committee with the scheduled insurance presentation.
Motion Carried.
Meeting Adiourned at 2:08 p.m.
Deputy Mayor Earlene MacMullin Deborah Campbell Ryan
Chair Municipal Clerk
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