Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MAY 15, 2024
Subject
SUBJECT: FY25 AUDIT PLAN
Action
ACTION: ADOPT RECOMMENDATION
Heading
RECOMMENDATION
Title
ADOPT the Fiscal Year 2025 (FY25) 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 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.
Certain projects included in the FY25 (Audit Plan) are identified as carryovers. These are FY24 Audit Plan projects initiated in FY24 but expected to be completed in FY25. Certain other projects from FY24 that were not initiated during the year but are still deemed important to execute are included in the Audit Plan in the priority category. These projects were not initiated due to resource constraints and special projects requested during FY24.
Discussion
DISCUSSION
The FY25 Audit Plan is developed with consideration to 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 Metro's leadership teams across the agency. MAS leveraged the risk assessment results to prepare an Audit Plan that is flexible, relevant, and risk based. The Audit Plan includes audit projects that 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 and the CEO 2023 strategic aspiration placemat.
A. Risk Assessment
MAS staff performed an agency-wide risk assessment between January and March 2024. The agency-wide risk assessment is a s...
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