COMMITTEE AGENDA MEMORANDUM
Board Audit Committee
Government Code § 84308 Applies: Yes ? No ?
(If “YES” Complete Attachment A – Gov. Code § 84308)
SUBJECT: title
Discuss Potential Audit Topics for 2027 Annual Audit Plan, and Provide Further Guidance as Needed.
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RECOMMENDATION:
Recommendation
Discuss potential audit topics for 2027 Annual Audit Plan, and provide further guidance as needed.
Body
SUMMARY:
The purpose of this agenda item is to discuss the potential audit topics to be proposed as the 2027 Annual Audit Plan, discuss any new related information as appropriate, and provide any guidance the BAC deems appropriate.
The BAC Charter, Article I, Paragraph 4 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.” To that end, the Board’s Chief Audit Executive (CAE) will conduct a risk assessment in the last quarter of Calendar Year (CY) 2026 to identify key areas of risk that could be considered for auditing.
The 2023 Risk Assessment Final Report dated November 2023 (Attachment 1) is attached for reference. The Risk Assessment includes heat maps of Valley Water’s operational areas based on risk impact (low, moderate, and high risk). The results of the risk assessment included input from Valley Water’s Board of Directors (the Board), executives, and management and was used to help develop the proposed 2024-2026 Audit Plan, included as Appendix B of Attachment 1. Based on this risk assessment and subsequent committee meeting discussions, the BAC recommended to the Board, and the Board approved the completion of performance audits on the following topics:
Information Technology / Cybersecurity
Human Resources
Board Policies
Capital Project Delivery
Contracting Practices
Water Conservation Strategies
Water Usage and Demand Forecasting
Asset Management
Investigations Process
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