Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
MAY 21, 2026
Subject
SUBJECT: FISCAL YEAR 2027 AUDIT PLAN
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
ADOPT the Fiscal Year 2027 (FY27) Proposed Annual Audit Plan (Attachment A).
Issue
ISSUE
Management Audit Services (MAS) is required to complete an annual agency-wide risk assessment and submit an annual audit plan (AAP) to the Board of Directors for approval.
Background
BACKGROUND
The Financial Stability Policy, approved in 2007 and last amended in 2022, requires MAS to develop a risk assessment and an AAP each year and present it to the Board. It also requires the Finance, Budget, and Audit Committee to provide input and approve the audit plan.
Some projects included in the FY27 AAP are identified as carryovers, meaning they were initiated in FY26 but are expected to be completed during the first quarter of FY27.
Discussion
DISCUSSION
The FY27 AAP was developed with consideration of the current state of the agency and the results of the agency-wide risk assessment. The agency-wide risk assessment incorporated research as well as input received from leadership teams across the agency. MAS leveraged the risk assessment results to prepare an AAP that is flexible, relevant, and risk based. The AAP includes audit projects that add value and support agency risk management efforts and the achievement of agency goals. The agency goals, objectives and desired outcomes considered in the preparation of the FY 27 AAP include those in Metro's Vision 2028 Strategic Plan, the CEO's FY26 priority initiatives, and the One Metro Strategic Implementation Plan.
Risk Assessment
MAS staff performed an agency-wide risk assessment between January and April 2026. This assessment is a structured, systematic process that combines research and stakeholder engagement and is the foundation for selecting internal audit projects that add value and support the agency's objectives. The identifie...
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