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File #: 2021-0692   
Type: Informational Report Status: Filed
File created: 11/17/2021 In control: Finance, Budget and Audit Committee
On agenda: 1/19/2022 Final action: 1/19/2022
Title: RECEIVE AND FILE the Management Audit Services (MAS) FY 2022 first quarter report.
Sponsors: Finance, Budget and Audit Committee
Indexes: Audit, Contract administration, Contracts, Evaluation and assessment, Financial Audit, Governance, Informational Report, Program Management
Attachments: 1. Attachment A - FY 2022 First Quarter Report, 2. Presentation

Meeting_Body

FINANCE, BUDGET AND AUDIT COMMITTEE

JANUARY 19, 2022

 

 

Subject

SUBJECT:                     MANAGEMENT AUDIT SERVICES FY 2022 FIRST QUARTER REPORT

 

Action

ACTION:                     RECEIVE AND FILE

 

Heading

RECOMMENDATION

Title

RECEIVE AND FILE the Management Audit Services (MAS) FY 2022 first quarter 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 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 2022 first quarter report covers the period of July 1, 2021 through September 30, 2021.

 

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’s functional units provide assurance to the public that internal processes and programs are being managed efficiently, effectively, economically, ethically, and equitably; and that desired outcomes are being achieved. This assurance is provided by MAS’ functional units conducting audits of program effectiveness, economy and efficiency, internal controls, and compliance.  Administration and Policy is responsible for administration, financial management, including audit support, audit follow-up, and resolution tracking.

 

The following chart summarizes MAS activity for FY 2022 first quarter:

 

 

Completed as of  FY 2022 First Quarter

In-Progress as of September 30, 2021

Performance Audits

1 audit project completed

7 audit projects

Contract, Financial and Compliance Audits

7 audit projects completed with a total value of $17 million

60 audit projects

Transitional Indirect Cost Rate (TICR) Determinations

2 approved

 

Audit Follow-up and Resolution*

7 closed

 

 

7 closed

 

*Note: MAS performs audit follow-up for the Office of Inspector General (OIG).

 

The FY 2022 First Quarter Report is included as Attachment A.

 

Equity_Platform

EQUITY PLATFORM

 

There are no equity impacts or concerns from audit services conducted during this period.

 

 

Implementation_of_Strategic_Plan_Goals

IMPLEMENTATION OF STRATEGIC PLAN GOALS

 

Management Audit Services FY 2022 First Quarter Report supports Metro’s Vision 2028 Goal #5:  Provide responsive, accountable, and trustworthy governance within the Metro organization.

 

Next_Steps

NEXT STEPS

 

Management Audit Services will continue to report audit activity throughout the current fiscal year.

 

Attachments

ATTACHMENT

 

A.                     FY 2022 First Quarter Report

 

 

Prepared_by

Prepared by:                                          Lauren Choi, Sr. Director, Audit

(213) 922-3926

 

Alfred Rodas, Sr. Director, Audit

(213) 922-4553

 

Monica Del Toro, Audit Support Manager

                                                               (213) 922-7494

                     

Reviewed_by

Reviewed by:                     Shalonda Baldwin, Executive Officer, Administration

                                                               (213) 418-3265