COMMITTEE AGENDA MEMORANDUM
Board Audit Committee
Government Code § 84308 Applies: Yes ? No ?
(If “YES” Complete Attachment A – Gov. Code § 84308)
SUBJECT: title
Receive and Discuss Audit Follow-up Conducted by Chief Audit Executive (CAE); and Provide Feedback As Needed.
End
RECOMMENDATION:
Recommendation
Receive and Discuss audit follow-up conducted by CAE; and
Provide feedback as needed.
Body
SUMMARY:
In 2020, Valley Water contracted with TAP International, Inc. to conduct an audit on their Real Estate Services Unit (RESU) to determine how RESU could improve its financial and service delivery performance, reduce undue hardships to property owners, enhance the timeliness of real estate transactions, increase revenue, and improve transparency and accountability of RESU’s current operations. The audit report made 12 recommendations.
At the February 15, 2023, Board Audit Committee (BAC) meeting staff reported that the implementation of recommendations for the 2020 Real Estate Services Unit (RESU) audit had been fully implemented. The BAC members requested the CAE review the actions taken by staff to ensure the effectiveness of those actions.
According to the BAC Charter, Article VI, Paragraph 8 which states “The Committee may request a report regarding Valley Water’s implementation of measures to address recommendations from individual audits. Where not all audit recommendations have been implemented, this shall be reported in a Follow-up report, and where all recommendations have been implemented, this shall be reported in a Close-out Report. As designated by the Committee, the report shall be prepared by either the Auditor completing the audit or the Independent Auditor. Where no remedial measures have been identified by Valley Water management, the Close-out Report shall address whether management has elected to accept the associated risk or whether the risk no longer exists. Following consideration of the Close-out Report, the Committee may ...
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