Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
FEBRUARY 16, 2022
Subject
SUBJECT: MANAGEMENT AUDIT SERVICES FY 2022 SECOND QUARTER REPORT
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Management Audit Services FY 2022 second quarter report.
Issue
ISSUE
Management Audit Services (MAS) is required to provide a quarterly activity report to Metro’s Board of Directors (Board) that presents information on audits that have been completed or in progress, including information related to audit follow-up activities.
Background
BACKGROUND
It is customary practice for MAS to deliver the quarterly audit report. The FY 2022 second quarter report covers the period of October 1, 2021 through December 31, 2021.
Discussion
DISCUSSION
MAS provides audit services supporting Metro’s ability to provide responsive, accountable, and trustworthy governance. The department performs internal and external audits. Internal audits evaluate the processes and controls within the agency, while external audits analyze contractors, cities, and/or non-profit organizations that are recipients of Metro funds. The department delivers management audit services through functional groups: Performance Audit; Contract, Financial and Compliance Audit; and Administration and Policy, including audit support functions. Performance Audit is mainly responsible for internal audits related to Operations, Finance and Administration, Planning and Development, Program Management, Information Technology, Communications, Risk, Safety and Asset Management including the Chief Executive Office; and other internal areas. Contract, Financial and Compliance Audit is primarily responsible for external audits in Planning, Program Management and Vendor/Contract Management. MAS’ functional units provide assurance to the public that internal processes and programs are being managed efficiently, effectively, economically, ethically, and equitably; and that desired outcomes are being achieved. This assurance is provided by MAS’ functional units conducting audits of program effectiveness, economy and efficiency, internal controls, and compliance. Administration and Policy is responsible for administration financial management, including audit support, audit follow-up, and resolution tracking.
The following chart summarizes MAS activity for FY 2022 second quarter:
|
|
Completed in FY 2022 Second Quarter |
In-Progress as of December 31, 2021 |
|
Performance Audits |
3 audit projects |
5 audit projects |
|
Contract, Financial and Compliance Audits |
5 audit projects with a total value of $830,000 |
66 audit projects |
|
Financial and Compliance Audits of Metro |
8 audit projects |
|
|
Audit Follow-up and Resolution |
6 follow-up recommendations closed |
|
The FY 2022 Second Quarter Report is included as Attachment A.
Equity_Platform
EQUITY PLATFORM
There are no equity impacts or concerns from audit services conducted during this period.
Implementation_of_Strategic_Plan_Goals
IMPLEMENTATION OF STRATEGIC PLAN GOALS
Management Audit Services FY 2022 Second Quarter Report support Metro’s Vision 2028 Goal #5: Provide responsive, accountable, and trustworthy governance within the Metro organization.
Next_Steps
NEXT STEPS
Management Audit Services will continue to report audit activity throughout the current fiscal year.
Attachments
ATTACHMENT
A. FY 2022 Second Quarter Report
Prepared_by
Prepared by: Lauren Choi, Sr. Director, Audit
(213) 922-3926
Alfred Rodas, Sr. Director, Audit
(213) 922-4553
Monica Del Toro, Audit Support Manager
(213) 922-7494
Reviewed_by
Reviewed by: Shalonda Baldwin, Executive Officer, Administration
(213) 418-3265
