Archived - Follow-up Audit of the Toronto Waterfront Revitalization Initiative

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Executive Summary

The Toronto Waterfront Revitalization Initiative (TWRI) began in 2000, as part of a joint effort by the Government of Canada, the Province of Ontario and the City of Toronto to revitalize the Toronto waterfront through investments in infrastructure and recreational projects. Each level of government has committed $500 million to support this initiative. The Government of Canada's participation is manifest through a contribution program with the designated recipient being the Toronto Waterfront Revitalization Corporation (TWRC).

The TWRI was initially led by Transport Canada (TC). Since its inception, however, the TWRI has been subsequently transferred between five other departments. While at Human Resources and Social Development Canada (HRSDC), an audit was initiated by their internal audit group in 2005. The objective of that audit was to provide assurance that the TWRC was in compliance with the terms and conditions of its Priority Project Contribution Agreement with the federal government. The HRSDC audit resulted in twelve recommendations and related management action plan.

The objective of the follow-up audit is to provide the Department of Finance, which is currently responsible for the TWRI, with an update on the status of the management action plan that was to be implemented to address recommendations from the HRSDC audit in 2005.

Our follow-up audit concluded that the federal TWRI Secretariat, which is responsible for policy development, program management, and monitoring of the TWRI on behalf of the federal government, has appropriately addressed all twelve of the recommendations from the 2005 HRSDC TWRI audit.