Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 18, 2022
Subject
SUBJECT: MANAGEMENT AUDIT SERVICES FY 2022 THIRD QUARTER REPORT AND AUDIT CHARTER
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
CONSIDER:
A. RECEIVING AND FILING the Management Audit Services FY 2022
third quarter report; and
B. ADOPTING the Management Audit Services Audit Charter (Attachment B).
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.
In addition, standards require that MAS review the internal audit charter periodically, present it to executive management and obtain board approval. The internal audit charter is a formal document that defines MAS' purpose, authority, independence, and responsibility.
Background
BACKGROUND
It is customary practice for MAS to deliver the quarterly audit report. The FY 2022 third quarter report covers the period of January 1, 2022 through March 31, 2022.
MAS follows two audit standards: Generally Accepted Government Auditing Standards (GAGAS) issued by the Comptroller General of the United States, and the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). To align with the updated standards' language, MAS updated the Audit Charter. The Audit Charter was last presented to the Board in October 2018.
Discussion
DISCUSSION
MAS provides audit services in support of 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 manageme...
Click here for full text