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CC-- (1) Creation of a City Council Ad Hoc Subcommittee to Work with City Staff to Review the Moss Adams, LLP Internal Audit Reports and Review Staff's Recommendations for Improvements to the City's Internal Controls; and (2) Appointment of Two City Council Members Thereto.
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Meeting Date: April 8, 2019
Contact Person/Dept: Onyx Jones/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: []
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (04/02/19)
Department Approval: Onyx Jones, Chief Financial Officer (04/01/19)
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RECOMMENDATION
Staff recommends the City Council (1) create a City Council Ad Hoc Subcommittee to work with City staff to review the Moss Adams, LLP internal auditing reports and review Staff's recommendations for improvements to the City's internal controls; and (2) appoint two City Council Members thereto.
BACKGROUND/DISCUSSION
Internal audits assist the City in the efficient use of resources by providing analysis and recommendations for improved operations and stronger internal controls. The City has hired Moss Adams, LLP as an independent audit firm to perform internal audit services in accordance with applicable industry standards. The Finance Department recognizes that effective internal controls result in best management practices for financial operations.
Moss Adams is in progress of performing a variety of reviews that include evaluating the adequacy of segregation of duties, transfers of accountability, supervisory reviews and approvals, reconciliations, physical safeguards over cash, checks and critical forms (e.g. receipts, permits and licenses) and existence of written procedures. This review also incorporates an enterprise risk assessment o...
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