Audit Committee

That, the following actions be taken with respect to the 2025 Financial Audit: a) the 2025 Financial Report of The Corporation of the City of London BE APPROVED; it being noted that the Audit Committee received a presentation from the Director, Financial Services with respect to this matter; and b) the revised Audit Findings Report, as appended to the added agenda, prepared by KPMG for the year ending December 31, 2025, BE APPROVED; it being noted that the Audit Committee received a presentation from KPMG with respect to this matter and that it be further noted that pursuant to section 31.6 of the Council Procedure By-law, KPMG was permitted to speak an additional fifteen(15) minutes with respect to this matter.

That the communication from MNP, with respect to the summary update from internal audit BE RECEIVED.

That the communication from MNP, with respect to the internal audit follow up activities update dashboard, BE RECEIVED.

That the communication dated June 17, 2026 from MNP, with respect to the subdivision review process audit final report, BE RECEIVED; it being noted that the Audit Committee heard a delegation from M. Wallace, Executive Director, London Development Institute (LDI) with respect to this matter.

That the request for delegation status from M. Wallace, Executive Director, London Development Institute (LDI) BE APPROVED to be heard at this time.

That the communication dated June 17, 2026 from MNP, with respect to the climate emergency action plan audit final report, BE RECEIVED; it being noted that the Audit Committee heard a delegation from M. Wallace, Executive Director, London Development Institute (LDI) with respect to this matter.

That the communication from Councillor S. Franke submitted to Audit Committee and dated May 27, 2026, BE REFERRED to a future meeting of the Audit Committee in Q1, 2027 for consideration as part of Risk Assessment.

That, on the recommendation of the Deputy City Manager, Finance Supports, with the concurrence of the City Manager, the following actions be taken with respect to the appointment of an outsourced internal auditor for Request for Proposal (RFP) 2026-062 Internal Audit Services: a) the firm of MNP LLP BE APPOINTED as the preferred firm for the provision of internal audit services for a period of four years beginning January 1, 2027 plus the option to renew for one (1) additional one (1) year term; b) the Civic Administration BE AUTHORIZED to undertake all the administrative acts that are necessary in connection with this contract; c) approval hereby given BE CONDITIONAL upon the Corporation entering into a formal contract relating to the subject matter of this approval; and d) the Mayor and the City Clerk BE AUTHORIZED to execute the Agreement in c), above.

That the meeting BE ADJOURNED.