Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 19, 2021
Subject
SUBJECT: MANAGEMENT AUDIT SERVICES FY 2021 THIRD QUARTER REPORT; AND FY 2022 AUDIT PLAN
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
CONSIDER:
A. RECEIVING AND FILING the Management Audit Services (MAS) quarterly report for the period ending March 31, 2021; and
B. APPROVING the FY 2022 Audit Plan.
Issue
ISSUE
MAS is required to provide a quarterly activity report to Metro's Board of Directors (Board) that includes information on audits that have been completed or in progress including information related to audit follow-up activities.
In addition, MAS is required to complete an annual agency-wide risk assessment (AWRA) and submit an annual audit plan to the Board of Directors for approval.
Background
BACKGROUND
It is customary practice for Management Audit Services to deliver the quarterly audit report. This report covers Q3 of FY 2021.
Additionally, in January 2018, the Board adopted modifications to the FY07 Financial Stability Policy. The Financial Stability Policy requires MAS to develop an annual risk assessment and audit plan, and present it to the Board. It also requires that the Finance, Budget and Audit Committee provide input and approval of the audit plan.
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 management audit services through functional groups which are Performance Audit, Contract, Financial and Compliance Audit, and Audit Support. Performance Audit is mainly responsible for internal audits related to Operations, Finance and Administration, Planning and Development, P...
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