Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
SEPTEMBER 20, 2023
Subject
SUBJECT: MANAGEMENT AUDIT SERVICES FY 2023 FOURTH QUARTER STATUS REPORT AND CUMULATIVE YEAR-END REPORT
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE the Management Audit Services (MAS) FY 2023 Fourth Quarter status report and cumulative FY 2023 year-end report.
Issue
ISSUE
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 are 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 2023 Fourth Quarter report covers the period of April 1, 2023, through June 30, 2023; and the cumulative FY 2023 year-end for the period of July 1, 2022, through June 30, 2023.
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: Performance Audit; Contract, Financial and Compliance Audit; and Administration and Policy, which includes 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 assure th...
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