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Consent-General Government # 13.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Approve Internal Audit Follow-up Policy and Audits Conducted By External Entities and Fiscal Monitoring Review Policy. (No general fund impact) (Rinde/Eldredge) |
| Recommended Action |
- Approve the Audit Follow-up Policy; and
- Approve the Audits Conducted By External Entities and Fiscal Monitoring Review Policy.
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| Strategic Plan Goal(s) |
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In Support of All Goals |
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| Reason for Recommended Action/Background |
The County Internal Audit division is required to establish and maintain a system to monitor the disposition of audit results communicated to management, as in accordance with the Institute of Internal Auditors, International Professional Practices Framework (IPPF) Standard 2500.
The proposed Audit Follow-up policy formalizes the divisions current practice requiring County departments and other government entities to respond to audits, including audits of services provided by contract vendors, resulting in recommendations for improvement, disallowance, or questioned costs within specific timeframes. It further distinguishes specific roles and responsibilities, and provides a priority ranking to recommendations (for audits conducted by the Internal Audit division only) to highlight the relative importance of some recommendations over others based on the likelihood of adverse impacts if a corrective action is not taken and the seriousness of the adverse impact that may result.
Additionally, the proposed Audits Conducted By External Entities and Fiscal Monitoring Review Policy, formalizes the process which requires County departments and other agencies to submit semi-annual notifications to the County Internal Audit division of audits and fiscal monitoring reviews and notify the Internal Audit division at the inception and completion of audits. The County Internal Audit division requests copies of audit reports from County departments and other governmental agencies as part of their role of performing risk assessment as well as to prepare a report for the Yolo County Audit Committee to support the Board's oversight responsibilities. This policy formalizes the divisions current practices and requires a semi-annual notification to the Internal Audit division within 60 calendar days from the end of each reporting period. |
| Collaborations (including Board advisory groups and external partner agencies) |
Internal Audit staff collaborated and requested feedback from the Chief Financial Officer, County Administrator, County Counsel, County Department Directors, Financial Oversight Committee, and Audit Committee.
The Audit Committee approved the audit policies to proceed to full board approval at their regular meeting on September 17, 2020. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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