BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
Consider the January 15th, 2025, Board Audit Committee Recommendation to Approve Performance Audit Assignments for the 2025 Annual Audit Plan, Which Includes Selecting One of Two Options for the Capital Project Delivery Audit, and Provide Further Guidance as Needed.
End
RECOMMENDATION:
Recommendation
Consider recommendations resulting from the January 15, 2025, Board Audit Committee meeting to:
A. Approve firms to conduct the 2025 Annual Audit Plan including selecting one of two options for the Capital Project Delivery Audit; and
B. Provide further guidance as needed.
Body
SUMMARY:
According to the Board Audit Committee (BAC) Charter, Article I, Paragraph 4 which states "The Committee shall assist the Board, consistent with direction from the full Board, by identifying potential areas for audit and audit priorities, and to review, update, plan and coordinate execution of Board audits."
Additionally, Article VI, Paragraph 1 states "The Committee shall make recommendations to the full Board for the selection of all Auditors to perform audits in the approved Annual Audit Plan. . "
At the August 21, 2024, BAC meeting, the Chief Audit Executive (CAE) began discussion of potential audit topics and the process and schedule for completing the proposed Annual Audit Plan for the full Board's consideration. At the November 20, 2024, BAC meeting, the Committee approved the following four audit topics to be included in the Proposed 2025 Annual Audit Plan:
? Capital Project Delivery
? Centralized and Decentralized Contracting Practices
? Water Conservation Strategies
? Water Usage and Demand Forecasting
On January 14th, 2025, the Board of Directors (the Board) approved the BAC recommendation of audit topics for the 2025 Annual Audit Plan. On January 15th, 2025, the BAC members discussed the CAE's assignment proposal and whe...
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