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
A. Receive and Discuss audit follow-up conducted by CAE; and
B. Provide feedback as needed.
Body
SUMMARY:
At the February 15th, 2023, Board Audit Committee (BAC) meeting staff reported that the implementation of recommendations for the 2020 Real Estate Services Unit (RESU) audit were completed. 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 vote to close an audit where it is satisfied that the audit recommendations are adequately addressed or where the risk associated with any unaddressed recommendation is acceptable or no longer exists."
The purpose of this agenda item is to receive the CAE's audit follow-up report on the implementation status of recommendations provided in the Board-directed 2020 Real Estate Services Performance Audit, and to provide feedback to staff if ...
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