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SELECTION OF A FINANCE ADVISORY COMMITTEE MEMBER TO PARTICIPATE IN AN INTERVIEW PANEL FOR THE EVALUATION OF INTERNAL AUDITING SERVICES VENDORS
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Meeting Date: April 12, 2023
Contact Person/Dept: Melissa Zak/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: Yes [] No [X]
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - Finance Advisory Committee (04/06/2023)
Department Approval: Lisa Soghor, Chief Financial Officer (04/06/2023)
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BACKGROUND / DISCUSSION
The City of Culver City has many internal controls in place in each department that impact the daily conduct of business, protect employees/customers/clients, safeguard assets, mitigate risks, and allow for accurate financial reporting (including financial projections). Over the years, the City Finance Department performed limited monitoring of these internal controls.
In 2015, the City Council requested that the City increase the review of these internal controls. Sufficient staff time and expertise were not available for the work to be done in-house, and a Request for Proposal (RFP) was issued to solicit bids from qualified firms. The City hired a consultant who performed the various internal audits (Enterprise Internal Control Review, Enterprise Risk Assessment, Grant Management Internal Controls, Cash Handling Internal Controls Improvement and Fraud, Waste and Abuse Program) and presented the audit reports to City Council. The City made many improvements in its work process based on the recommendations from the audit reports, and the Internal Audit Division is currently working on updating financial policies. The contract with the consultant ended in 2020.
The City has decided to conduct anot...
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