Qtr 2010 Completed

Q1 •Engaged 3rd party to conduct Review of Financial Controls and Procurement.

Q2 •Created Compliance and Ethics Unit.

•Commenced internal audit program – bank deposits, operating unit spot audit,
mileage, parking, and pcards.
•Issued RFPs for Enterprise Risk Management systems and Ethics Hotline.
•Formation of Internal Compliance and Ethics Management Committee.
Q3 •Started ERM pilot projects – eviction prevention and budgeting.
•Started Revenue Cycle Reviews – commercial leasing, revenue booking, and
segregation of duties.
•Started Expense Cycle Reviews – expense approvals, invoice payment, cheque
requisitions, and petty cash.
•Hired new Chief Financial Officer.
Q4 •Development of on-line procurement solution.
•Review of items in sample identified by Auditor General.
•Revamped PCard and Staff Expenses directives.
•Suspended staff recognition events.
•Hired new Chief Operating Officer.
Qtr 2011 Planned
Q1 •Completed hiring of new Executive team.
•Issued stricter financial controls and oversight of employee expenses and
procurement.
•Planned response to Auditor General’s recommendation and corrective action.
•Executive communication at staff town halls and senior management meetings.
•CEO notification to subsidiaries (Housing Connections and Housing Services
Inc.) of actions arising from Auditor General’s report.
Q2 •Finalize and communicate revised Expense Policy and Conflict of Interest
Policy.
•Start internal audit of expenses going forward.
•Hire new senior procurement manager.
•Introduce new Fraud Policy.
•Launch Ethics Hotline.
•Review necessity of current purchasing cards.
•Develop process to identify recoverable expenses.
•Develop procedure for bid irregularities.
•Develop checklist for tender document completeness.
Qtr 2011 Planned cont’
cont’d.
Q3 •Rebuild Strategic Procurement Unit and establish clear roles, responsibilities,
and sufficient capacity.
•Review all Auditor General and Bellamy Reports re: procurement best practices.
•CEO to report to Board on synergies and cost saving opportunities with the City
of Toronto.
•Establish process with the City of Toronto to access City policies.
•Overhaul Procurement Policy and procedures, including competitive process,
sole source, and unsolicited bids.
•Start internal audit of procurement projects going forward.
•Pilot on-line procurement solution.
•Complete internal audit of procurement items identified by Auditor General and
implement corrective action.
•Establish process to engage eligibility review officer for investigations.
•Revise work plan to include best practice from Auditor General and Bellamy
Reports.
•Launch education program to support policies.
•First quarterly update to the Board on the company’s Q2 progress in
implementing Auditor General’s recommendations.
Qtr 2011 Planned cont’
cont’d.
Q4 •Revamp vendor listings and purchasing program.
•Procurement exception and sole sourcing reporting to the Board.
•Re-examine major procurement decisions and report recommended actions to
the Board.
•Revamp accounts payable process.
•Rollout new expense and procurement processes to subsidiaries.
•Complete two new ERM projects.
•“Bottom Up” Risk Assessment and focus groups.
•Continued staff education and town halls.
•Review enforceability of Fair Wage Policy.
•First quarterly update to the Board on the company’s Q3 progress in
implementing Auditor General’s recommendations.
•First quarterly update from the subsidiary Board’s on progress.