Toronto Port Authority Expense Audit Review

    TORONTO, Jan. 28 /CNW/ - The Toronto Port Authority ("TPA") announced
today that its board of directors has made clarifications to management
policies governing hospitality expenses in order to tighten up guidelines for
entertaining colleagues and business associates.
    The board's Audit Committee recommended the clarifications to ensure TPA
management and staff could establish improved transparency and even higher
standards of financial accountability.
    The clarifications were established after a Dec. 23, 2008, Audit
Committee meeting, during which committee members felt that certain management
hospitality and travel expenses between 2006 and 2008 should have been
reviewed more closely at the time they were incurred.
    "Based upon this initial review, there is nothing in these expenses that
is unusual for a business of this size. In order to improve transparency and
certainty in the future, clarifications have been made to the TPA's
hospitality expense policies," said Colin D. Watson, Chairman of the Audit
Committee. "Our auditors have been consulted on the matter. I have asked our
auditors to examine the clarifications that have been made to the TPA's
hospitality expense policies as part of their upcoming Special Examination
audit, which takes place every five years. We are looking forward to their
    At the time the expenses in question were incurred, TPA management
followed the existing Purchasing Policy at all times.

    The Toronto Port Authority was incorporated on June 8, 1999, as a
government business enterprise under the Canada Marine Act as the successor to
the Toronto Harbour Commissioners. It is a federal public authority providing
transportation, distribution, storage and container services to businesses.
The TPA owns and operates the Toronto City Centre Airport, Marine Terminals 51
and 52, and the Outer Harbour Marina. The TPA also provides regulatory
controls and public works services to enhance the safety and efficiency of
marine navigation and aviation in the port and harbour of Toronto
    Further information about the TPA is available at

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