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CC - Receipt and Filing of the Final Internal Controls Audit Report of Enterprise Risk Assessment
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Meeting Date: March 22, 2021
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 (03/18/2021); (E-Mail) Meetings and Agendas - Finance Advisory Committee (03/17/2021); (Email) Meetings and Agendas - Fiscal and Budget Issues (03/17/2021)
Departmental Approval: Onyx Jones, Chief Financial Officer (03/10/2021)
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RECOMMENDATION
Staff recommends City Council receive and file the Final Internal Controls Audit Report of Enterprise Risk Assessment.
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 critical forms (such as handwritten receipts, permits and licenses)
* Existence and adequacy of written procedures
* Enterprise risk assessment of City operations including grants, payroll and accounts payable.
To achieve the above reviews, Moss established a work plan consisting of six internal audit control report...
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