DATE: June 20, 2017
SUBJECT:
Title
RESOLUTION APPROVING THE AUDIT PLAN FOR FY17/18 PURSUANT TO BOARD OF PORT COMMISSIONERS (BPC) POLICY NO. 035 - POWERS AND FUNCTIONS OF THE PORT AUDITOR
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EXECUTIVE SUMMARY:
Pursuant to Board of Port Commissioners (BPC) Policy No. 035, Powers and Functions of the Port Auditor, the Port Auditor is to prepare for Board approval an Audit Plan to be performed during the fiscal year. On June 15, 2017 the Audit Oversight Committee (Committee) reviewed the draft FY17/18 Audit Plan as required in BPC Policy No. 776, Port Audit Oversight Committee Policy. It is now ready for Board approval.
RECOMMENDATION:
Recommendation
Adopt a resolution approving the annual Audit Plan for FY 17/18.
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FISCAL IMPACT:[h1]
This agenda item has no fiscal impact.
COMPASS STRATEGIC GOALS:[h2]
The proposed Audit Plan supports the Port's Strategic Goals by promoting accountability, transparency, efficiency, and effectiveness throughout the Port and by safeguarding the Port's assets.
* A Port that the public understands and trusts.
* A thriving and modern maritime seaport.
* A vibrant waterfront destination where residents and visitors converge.
* A Port with a healthy and sustainable bay and its environment.
* A Port with a comprehensive vision for Port land and water uses integrated to regional plans.
* A Port that is a safe place to visit, work and play.
* A Port with an innovative and motivated workforce.
* A financially sustainable Port that drives job creation and regional economic vitality.
[h3]
DISCUSSION:
BPC No. 35, Powers and Functions of the Port Auditor, requires the Port Auditor to prepare for approval by the Board an Audit Plan for the fiscal year. In addition, the Internal Professional Practices Framework (Red Book) of the Institute of Internal Auditors requires the establishment of a risk-based approach to determine the priorities of the Audit Plan. Using a risk-based approach, the Port Auditor completes the assessm...
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