Meeting_Body
REVISED
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 17, 2023
Subject
SUBJECT: FY24 AUDIT PLAN
Action
ACTION: ADOPT RECOMMENDATION
Heading
RECOMMENDATION
Title
ADOPT the Fiscal Year 2024 (FY24) 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 to the Board of Directors for approval.
Background
BACKGROUND
The Board approved Financial Stability Policy requires MAS to develop a risk assessment and an annual audit plan (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.
All priority projects included in the FY23 AAP were either completed or initiated during FY23. Those expected to still be in progress as of June 30, 2023, are included in the FY 24 audit plan as carryovers. In addition, one FY23 discretionary project is expected to be completed by June 30, 2023, and another has been carried over to the FY24 AAP as a priority project. All carryover projects included in the FY23 AAP have either been completed or will be completed by June 30, 2023.
Discussion
DISCUSSION
The FY24 AAP is developed with consideration to the current state of the agency, which is emerging from the impacts of the COVID-19 pandemic. In addition, the AAP was prepared with consideration of the results of the agency-wide risk assessment. The agency-wide risk assessment incorporated research as well as input received from Metro's senior leadership teams across the agency. MAS leveraged the results of the risk assessment to prepare an AAP that is flexible, relevant, and risk based. The AAP includes audit projects which add value, provide actionable information to support agency risk management efforts, and will lead to the achievement of organizational goals aligned with Metro's Vision 2028 Strategic Plan.
A. Risk Assessment
MAS staf...
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