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File #: 2015-1240   
Type: Informational Report Status: Filed
File created: 8/4/2015 In control: Finance, Budget and Audit Committee
On agenda: 9/16/2015 Final action: 9/16/2015
Title: RECEIVE AND FILE the year-end report of Management Audit Services for the period ending June 30, 2015.
Sponsors: Finance, Budget and Audit Committee
Indexes: Audit, Budget, Contracts, Evaluation and assessment, Informational Report, Program management, Research
Attachments: 1. Attachment A - FY15 Q4 Year-End Report Final
Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
SEPTEMBER 16, 2015

Subject/Action
SUBJECT: MANAGEMENT AUDIT SERVICES FY 2015 YEAR-END REPORT
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the year-end report of Management Audit Services for the period ending June 30, 2015.
Issue
ISSUE
At its January 2005 meeting, the Board designated the Executive Management and Audit Committee (EMAC) as their audit committee. The EMAC requested a quarterly report from Management Audit Services (Management Audit) on its audit activities. In July 2011, the audit responsibilities were transferred to the Finance, Budget and Audit Committee. This report fulfills the requirement for the fourth quarter of FY 2015.

Discussion
DISCUSSION
Management Audit provides audit support to the Chief Executive Officer (CEO) and his executive management. The audits we perform are categorized as either internal or external. Internal audits evaluate the processes and controls within the agency. External audits analyze contractors, cities or non-profit organizations that we conduct business with or receive Metro funds.

There are four groups in Management Audit: Performance Audit, Contract Pre-Award Audit, Incurred Cost Audit and Audit Support and Research Services. Performance Audit is primarily responsible for all audits for Operations, Finance and Administration, Planning and Development, Program Management, Information Technology, Communications and Executive Office. Contract Pre-Award and Incurred Cost Audit are responsible for external audits in Planning and Development, Program Management and Vendor/Contract Management. All of these units provide assurance to the public that internal processes are efficiently, economically, effectively, ethically, and equitably performed by conducting audits of program effectiveness and results, economy and efficiency, internal controls, and compliance. Audit Support and Research Services is ...

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