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CC - Receipt and Filing of the Following Final Internal Controls Audit Reports: (1) Fraud, Waste, and Abuse Program, (2) Grant Management Internal Controls Testing, (3) Enterprise Internal Controls Review and (4) Cash Handling Internal Controls Improvement.
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Meeting Date: September 9, 2019
Contact Person/Dept: Onyx Jones/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: (Email) Meetings and Agendas - City Council (09/04/19); (E-Mail) Meetings and Agendas - Finance Advisory Committee (09/04/19); (Email) Meetings and Agendas - Fiscal and Budget Issues (09/04/19)
Departmental Approval: Onyx Jones, Chief Financial Officer (08/28/19)
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RECOMMENDATION
Staff recommends the City Council receive and file the following final Internal Controls Audit Reports: (1) Fraud, Waste, and Abuse Program, (2) Grant Management Internal Controls Testing, (3) Enterprise Internal Controls Review and (4) Cash Handling Internal Controls Improvement.
BACKGROUND
Internal audits assist the City in the efficient use of resources by providing analysis and recommendations for improved operations and stronger internal controls. The Finance Department recognizes that effective internal controls result in best management practices for financial operations. In turn, the City Manager requested that the Finance Department include in their work plan the hiring of an independent audit firm to perform internal audit services in accordance with applicable industry standards.
In 2016, Moss Adams, LLP (Moss) was selected through a competitive solicitation process to conduct reviews that included:
* Evaluating the adequacy of segregation of duties
* Supervisory reviews and approvals
* Reconciliations
* Physical safeguards over cash, checks and ...
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