BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT: Title
Consider the March 19, 2025, Board Audit Committee Recommendation to Approve Proposed Amendments to the Board Audit Committee Audit Charter.
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RECOMMENDATION: Recommendation
Consider recommendations resulting from the March 19, 2025, Board Audit Committee meeting to:
A. Consider and Approve Proposed Amendments to the Board Audit Committee Audit Charter; and
B. Provide Further Direction as Needed.
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SUMMARY:
The Board Audit Committee (BAC) was established to assist the Board of Directors (Board), consistent with direction from the full Board, to identify potential areas for audit and audit priorities, and to review, update, plan, and coordinate execution of Board audits. On September 26, 2018, the BAC directed that an Audit Committee Charter be developed, and on August 27, 2019, the Board formally approved the BAC Audit Charter. The BAC Audit Charter was last amended by the Board at its regular meeting on May 28, 2024.
At its regular March 19, 2025, meeting, the BAC considered proposed amendments to the BAC Audit Charter and voted to recommend them to the full Board for approval. These proposed amendments are set forth below.
Recommended Changes:
Article X, Section 1 of the Charter states that the BAC shall periodically review the Audit Charter and make any recommendations to the Board for final approval. In accordance with this requirement, the following recommended changes are proposed:
First, Article VI, ?7 addresses Valley Water management responses to audits and currently requires that:
Valley Water Management must review, for technical accuracy, and provide comments on any preliminary draft audit report within ten working days from issuance.
Staff has reported that in practice this ten working day deadline can sometimes be difficult to meet. As an alternative to extending this deadline (e.g., fift...
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