TICO says it's making improvements as it moves to bring in changes suggested by the Auditor General of Ontario (OAGO).
TICO announced on 15JUL that it has completed five action items associated with the nine recommendations directed solely at the association by the OAGO.
"Thanks to the hard work and dedication of our team, we have made great strides in addressing the OAGO's recommendations, allowing for greater efficiency in our operations," said TICO CEO Richard Smart. "As we continue implementation, we remain focused on enhancing our processes while delivering value to our stakeholders."
Back in December, an OAGO report harshly criticized TICO's performance, including criticism over the cost of its Compensation Fund, the holding of security deposits, and a lack of compliance inspections.
The report said auditors found that “TICO’s cost to administer the Compensation Fund may outweigh the benefits it provides to consumers."
In early May, TICO shared a Public Action Plan detailing how the organization will address the recommendations from the December 2023 value-for-money audit report, which reflected TICO's progress as of 31MAR 2024.
The OAGO's report contains of 16 recommendations, nine of which are directed at TICO, six at both TICO and the Ministry of Public and Business Service Delivery (Ministry), and one at the Ministry.
TICO said it intends to continue to provide quarterly updates on the plan's progress.
To access the quarterly update, click here.
