TTC Accounts Payable processes invoices and pays vendors. Vendors send their invoices to Accounts Payable, where staff identify the user department, indicate the purchase order number on the invoice, and forward the invoice to the appropriate department for approval. Departmental staff should ensure that the items received and the invoiced amounts match those set out in the Purchase Orders prior to payment authorization.

Why This Audit Matters

The TTC’s Accounts Payable Unit processed approximately 74,000 invoices totalling $2 billion each year. Of the $2 billion in payments in 2016, $1.2 billion were for day-to-day operations. The objective of this audit was to assess whether there were adequate controls in the payment process. We focused on a type of purchase that requires department staff verification. About $279 million in payments were issued under this type of purchase.

Read the Full Report

Review of Toronto Transit Commission Accounts Payable Functions: Improving Invoice Verification and Vendor Account Management – September 15, 2017

Audit Committee Agenda Item

AU10.19 – September 15, 2017