File #: 19-0551    Version: 1 Name:
Type: Board of Directors Item Status: Agenda Ready
File created: 5/21/2019 In control: Board of Directors
On agenda: 6/25/2019 Final action:
Title: Approve Recommendation From Board Audit Committee to Approve the Fiscal Years 2018-2019 to 2020-2021 Annual Audit Work Plan Prepared by the Board Independent Auditor, TAP International, Inc.
Attachments: 1. Attachment 1: Annual Audit Work Plan FY18-19 to 20-21
BOARD AGENDA MEMORANDUM


SUBJECT:
Title
Approve Recommendation From Board Audit Committee to Approve the Fiscal Years 2018-2019 to 2020-2021 Annual Audit Work Plan Prepared by the Board Independent Auditor, TAP International, Inc.


End
RECOMMENDATION:
Recommendation
A. Approve the Fiscal Years 2018-2019 to 2020-2021 Annual Audit Work Plan Prepared by the Board Independent Auditor, TAP International, Inc.; and
B. Approve the implementation of the performance audits as identified in the Fiscal Years 2018-2019 to 2020-2021 Annual Audit Work Plan, under the direction of the Board Audit Committee.


Body
SUMMARY:
On May 23, 2017, the Board approved an on-call consultant agreement with TAP International, Inc. (TAP International) for Board Independent Auditing Services. The agreement requires TAP International to work with the Board and the Board Audit Committee (BAC) to develop an annual audit program, assess operational risks, advise on potential audits to ensure the District is in full compliance with its policies, procedures, and regulations, and conduct audits as directed by the Board and BAC.

On September 26, 2018, TAP International presented the final Risk Assessment Model to the BAC assessing operational risks to the District. The Risk Assessment Model developed heat maps of District operational areas based on risk impact (low, moderate, and high risk). The results of the risk assessment include input from the District's Board of Directors, management, and staff and would be used to assist in the development of an Annual Audit Work Plan. The highest risk areas include procurement, contract change order management, succession planning, and fraud prevention.

On December 03, 2018, TAP International presented a draft Audit Work Plan to the BAC. The draft Audit Work Plan identified 41 potential audits to conduct, ranked by highest risk, based on the results of the risk assessment previously conducted by the District's independent auditor, Board of Directors,...

Click here for full text



Notice to Public:

The Santa Clara Valley Water District publishes meeting agendas two Fridays prior to regular meetings, and publishes amended and special meeting agendas one Friday prior. During the process of amending an agenda, individual links to Board Agenda Reports may not be available. In these cases, please reference the “Full Agenda Package” instead.