Rec #

#	Recommendation	Management Response	Est Comp Date	Status Updates (In Progress; Pending; Complete; Requires Resolution)
4	That Financial Services Branch implement appropriate and consistent control procedures over their processes including financial, procurement and budget processes.	Management agrees with this recommendation. Financial Services has established the role of Controller and is proceeding with the development and implementation of a Financial Control Framework. This will be completed by Q2 2009.	Q2 2009	December 2009: In Progress. During 2009, Finance staff reviewed financial policies to identify opportunities for the consistent application of control procedures across the FSUs and their clients. All of the original documents have been completed and approved. Review of additional City financial policies and procedures will continue through 2010 as an ongoing activity. The Ernst & Young findings related to the entity level controls was finalized in Q2 2009 and reported to the City's Senior Management team in Q4 2009. Further development of a formalized financial control framework will continue through 2010. June 2009: The engagement with Ernst & Young to assess the City’s entity level controls was completed in Q1 2009. The report on their findings will be finalized in Q2 2009. Follow up on the recommendations and additional phases will be prioritized in future periods. December 2008: The engagement with Ernst & Young to assess the City's entity level controls will be completed in Q1 2009. The process of collecting and validating policies and procedures within Financial Services is substantially completed. The project entered a new phase in Nov. 2008 aimed at streamlining the development process, and to date, 57 procedures have been revised or consolidated using best industry practices. This phase is dependent on active participation of all of the divisions and will continue indefinitely as part of the continuous improvement process within Financial Services or as resources permit.

Recommendation

Management Response

Est Comp Date

Status Updates

(In Progress; Pending; Complete;

Requires Resolution)

That Financial Services Branch implement appropriate and consistent control procedures over their processes including financial, procurement and budget processes.

Management agrees with this recommendation.
Financial Services has established the role of Controller and is proceeding with the development and implementation of a Financial Control Framework. This will be completed by Q2 2009.

Q2 2009

December 2009: In Progress.

During 2009, Finance staff reviewed financial policies to identify opportunities for the consistent application of control procedures across the FSUs and their clients. All of the original documents have been completed and approved. Review of additional City financial policies and procedures will continue through 2010 as an ongoing activity. The Ernst & Young findings related to the entity level controls was finalized in Q2 2009 and reported to the City's Senior Management team in Q4 2009. Further development of a formalized financial control framework will continue through 2010.

June 2009: The engagement with Ernst & Young to assess the City’s entity level controls was completed in Q1 2009. The report on their findings will be finalized in Q2 2009. Follow up on the recommendations and additional phases will be prioritized in future periods.

December 2008: The engagement with Ernst & Young to assess the City's entity level controls will be completed in Q1 2009. The process of collecting and validating policies and procedures within Financial Services is substantially completed. The project entered a new phase in Nov. 2008 aimed at streamlining the development process, and to date, 57 procedures have been revised or consolidated using best industry practices. This phase is dependent on active participation of all of the divisions and will continue indefinitely as part of the continuous improvement process within Financial Services or as resources permit.