1997 Management Letter - Canada's Sports Hall of Fame
The Strategic Policies and Priorities Committee submits, for the information of
Council, the following transmittal letter (July 8, 1998) from the Audit Committee and
reports having received same:
Recommendation:
That the report (June 24, 1998) from the City Auditor attaching the management letter of
Canada's Sports Hall of Fame, together with the communication (June 11, 1998) from
Executive Director in response, be received and forwarded to Council for information.
Background:
On July 7, 1998, the Audit Committee had before it a report (June 24, 1998) from the City
Auditor attaching the management letter of Canada's Sports Hall of Fame, together with the
response (June 11, 1998) from the Executive Director of Canada's Sports Hall of Fame.
The Audit Committee advises that it received the aforementioned report and
communication and directed that copies be forwarded to your Committee and City Council
for information.
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(Report dated June 24, 1998, addressed to
the Audit Committee, from the City Auditor)
Recommendation:
It is recommended that the 1997 management letter and corresponding response relating to
the audit of the financial statements of Canada's Sports Hall of Fame, be received for
information.
Comments:
I have completed the 1997 audit of the financial statements of Canada's Sports Hall of
Fame, for the year ended December 31, 1997. As a bi-product of my audit, the attached
management letter was issued to the Chair of Canada's Sports Hall of Fame. A response
from the Executive Director of Canada's Sports Hall of Fame has been received.
Conclusion:
I have reviewed the response to the management letter prepared by the organization. The
responses are appropriate and will be followed up as part of our future audit work.
Contact Name and Telephone No.:
Rafiq Dosani, 392-8438.
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(Communication dated June 11, 1998,
from Mr. Allan Stewart, Executive Director,
Canada's Sports Hall of Fame)
Following are our responses to the management letter in relation to our 1997 audit.
(1)We intend to contact Bell Canada and ADT Security Systems in regards to items 1 and 2
on the list of systems affected by the year 2000 issue. We will also discuss items 3 and 4
with Total Video Communications, the supplier of all interactive and video displays.
(2)Although no new software purchase is contemplated, year 2000 compliancy will be
imperative in the event that new software is obtained.
(3)Although our current account is not interest bearing, we agree that deposits can be made
more frequently, however this will incur additional parking charges due to the bank location
in the downtown Toronto core.
(4)We have decided to institute a physical inventory count of significant assets on
November 1 of each year, which will be compared to the asset register.
(5)Although we are in the process of fleshing out these written procedures, we do have a
difference of opinion regarding the benefit of numerical control of tickets when it is weighed
against the cost and human resource time required. We would also suggest that the budget
approval is already covered under the annual operating budget approved by the board of
governors.
(6)A written policy with regard to surplus cash investment will be prepared. Presently all
investments are in low risk areas. At this time donated services are accepted using common
sense, however we have no problem with drafting a brief policy which I suspect would
essentially exclude some product, especially in the tobacco industry.
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(A copy of the Financial Statements of Canada's Sports Hall of Fame for the year ended
December 31, 1997, has been forwarded to all Members of Council with the agenda of the
Strategic Policies and Priorities Committee of July 24, 1998, and a copy thereof is also on
file with the City Clerk.)
