Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
AUGUST 17, 2022
Subject
SUBJECT: FY23 AUDIT PLAN
Action
ACTION: ADOPT RECOMMENDATION
Heading
RECOMMENDATION
Title
ADOPT the Fiscal Year 2023 (FY23) Proposed Annual Audit Plan (AAP).
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 (AAP) 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.
Discussion
DISCUSSION
The FY23 AAP has been developed with consideration to the current state of the agency, which is still recovering from the impacts of the COVID-19 pandemic. In addition, the AAP was prepared with consideration of the results of the agency-wide risk assessment. The agency-wide risk assessment incorporated research and input received from Metro's senior leadership teams across the agency. MAS leveraged the results of the risk assessment to prepare an AAP that is flexible, relevant and risk based. The AAP includes audit projects which add value, provide actionable information to support agency risk management efforts, and will lend to the achievement of organizational goals aligned with Metro's Vision 2028 Strategic Plan.
A. Risk Assessment
MAS staff performed an agency-wide risk assessment between March 2022 and July 2022. The agency-wide risk assessment was a structured, systematic process consisting of both research and stakeholder engagement. The agency-wide risk assessment is the primary basis for selecting internal audit projects which will add value and support the agency's objectives. The recognized risks varied in nature, the likelihood of occurrence, and their potential impact on the agency. The agency-wide risk assessmen...
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