DATE: June 23, 2020
SUBJECT:
Title
RESOLUTION APPROVING THE AUDIT PLAN FOR FY20/21 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 1, 2020 the Audit Oversight Committee (Committee) reviewed the draft FY 20/21 Audit Plan as required in BPC Policy No. 0776, Port Audit Oversight Committee Policy. It is now ready for Board approval.
RECOMMENDATION:
Recommendation
Adopt a Resolution Approving the Annual Audit Plan for FY 20/21.
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FISCAL IMPACT:
This agenda has no fiscal impact.
COMPASS STRATEGIC GOALS:
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. This agenda item supports the following Strategic Goal(s).
* A Port that the public understands and trusts.
* A financially sustainable Port that drives job creation and regional economic vitality.
DISCUSSION:
BPC Policy No. 035, 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 assessment before the beginning of each fiscal year based on the Port's audit universe, discussions with management (executive and senior), and an assessment of risk and exposures affecting the Port. The Port Auditor determines the potential audits based on a variety of risk factors such as the following:
* Financial Impact
* Compliance with L...
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