Title
Receive a report of the Auditor Controller's County-wide Risk Assessment and provide direction or support approval of Fiscal Year 2019-20 proposed Internal Audit Plan.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive a report of the Auditor Controller's County-wide Risk Assessment and provide direction or support approval of Fiscal Year 2019-20 proposed Internal Audit Plan.
SUMMARY/DISCUSSION:
On September 25, 2018, the Board of Supervisors (Board), through Resolution No. 18-316, approved the Internal Audit Policy and revised Budget Committee Roles and Responsibilities recommended by the CAO's Office.
On December 12, 2018 the Board approved the Auditor-Controller Internal Audit Division's (IAD) Internal Audit Policies and Operations Manual and the Fiscal Year 2018-19 Internal Audit Plan. The 2018-19 plan included a county-wide risk assessment project for the purpose of assisting the IAD in developing a risk-based internal audit plan for fiscal year 2019-20 that ensures the priorities of the internal audit function are in line with the County's objectives.
Ideally, a risk assessment should include a comprehensive evaluation of risks in the context of existing internal controls designed to mitigate those risk. Given the time and resource constraints in completing such a comprehensive project, to include surveying departmental activities, the IAD, determined that evaluating risk at a high-level is most prudent at this time.
Risk were identified through discussion with the Board of Supervisors and selected members of executive management (members). The risk assessment includes an executive summary (Attachment A) which provides descriptions of the risk assessment. The Risk Register (Attachment B) is the primary component of risk assessment and details the unique risk descriptions identified and their corresponding risk ratings. Risk descriptions included, are stated at their inherent level and are not statements of weakn...
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