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(1) Discussion of Internal Audit Reports of Fraud, Waste, and Abuse Program and Grant Management Internal Controls Testing; (2) Authorize Reports for Transmittal to City Council; and (3) Discuss the Presentation of Future Internal Audit Reports.
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Meeting Date: June 12, 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: (E-Mail) Meetings and Agendas - Finance Advisory Committee (06/06/19); Finance Authority (06/06/19); Fiscal and Budget Issues (06/06/19); Culver City News and Events (06/06/19)
Departmental Approval: Onyx Jones, Chief Financial Officer (06/06/19)
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RECOMMENDATION
The Internal Controls Ad Hoc Subcommittee recommends the Finance Advisory Committee (FAC) (1) discuss the Internal Audit Reports of Fraud, Waste, and Abuse Program and Grant Management Internal Controls Testing; (2) authorize reports for transmittal to City Council and (3) discuss the presentation of future internal audit reports.
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 voluntarily hired Moss Adams, LLP back in 2016 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
* Supervisory reviews and approvals
* Reconciliations
* Physical safeguards over cash, checks and critical forms (such as handwritten receipts, permits and licen...
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