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File #: 2015-1042   
Type: Policy Status: Passed
File created: 6/26/2015 In control: Board of Directors - Regular Board Meeting
On agenda: 7/23/2015 Final action: 7/23/2015
Title: ADOPT the FY16 Proposed Audit Plan.
Sponsors: Finance, Budget and Audit Committee
Indexes: Audit, Budgeting, Evaluation and assessment, Financial Audit, Plan, Policy
Attachments: 1. FY16 Audit Plan final
Related files: 2015-0676
Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JULY 15, 2015

Subject/Action
SUBJECT: FY16 AUDIT PLAN
ACTION: APPROVE ADOPTION OF THE FY16 PROPOSED AUDIT PLAN

Heading
RECOMMENDATION

Title
ADOPT the FY16 Proposed Audit Plan.
Issue
ISSUE
At its January 2008 meeting, the Board adopted modifications to the FY07 Financial Stability Policy. The Financial Stability Policy requires Management Audit Services (Management Audit) to develop a risk assessment and an audit plan each year and present it to the Board. It also requires that the Finance, Budget and Audit Committee, as the audit committee for the agency, provide input and approval of the audit plan.
Discussion
DISCUSSION
Instrumental to the development of the FY16 Audit Plan was completion of the FY15 agency-wide risk assessment. The agency-wide risk assessment is continually being refined and adjusted based upon events, issues identified during audits and agency priorities. The risk assessment continues to place a strong emphasis on the agency's internal control framework and vulnerability to fraud. We believe this year's risk assessment portrays the agency's risks in light of the changes to our risk environment and the challenges the agency faces in the next few years. The result is the FY16 Proposed Audit Plan (Attachment A).

This is the eleventh year an audit plan has been developed and presented to the Board for input and adoption.

Policy Implications

An audit plan defines the work that will be completed or directed by Management Audit each fiscal year. It indicates both the depth and breadth of audit activities addressing financial, operational and compliance risks for the agency. The audit plan also identifies the extent to which controls are being assessed by routine audit activities, addressed proactively through advisory services, or as a result of concerns from management.

The annual audit plan is driven by two key factors: (1) risk assessment ...

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