City of Redondo Beach
FY 21-22 Internal Audit Program
Budget and Finance Commission Meeting
August 12, 2021
Overview
I. Introduction
II. Internal Audit Program Components
III. FY 21-22 Internal Audit Plan
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I. Introduction
• The City retained Moss Adams to serve as the designated Internal Auditor and conduct projects focusing on:
o Risks
o Internal controls
o Efficiency and effectiveness
o Best practices
o Compliance
• Work is being completed under the standards from the Institute of Internal Auditors (IIA) and AICPA consultancy standards 4 II. Internal Audit Program Components
Internal Audit Plan
Risks Internal
Controls Compliance Performance
Accounting and financial reporting, asset management, capital programs, compliance, economics and funding, fraud, governance, human resources, internal controls, maintenance and operations, management, operations and service delivery, organization and staffing, processes and procedures, procurement, public safety, risk management, and technology
Functions Components Plan
City Internal Audit Annual
5 III. FY 21-22 Internal Audit Plan
1. FWA Program Development/Training: Develop program policies and procedures and provide training to the executive team (12 weeks, $15,000)
2. Internal Service Fund (ISF) Review: Assess the administration of the City’s internal service funds, including cost allocation methods (12 weeks, $35,000)
3. Procurement Operational Review: Assess procurement polices, procedures, processes, controls, and performance. (12 weeks, $35,000)
4. Policy Training: Provide training on new policies, including Grants, Cal-Card, and ISF (4 weeks, $5,000)
5. Ongoing Internal Audit Services: Attend meetings, prepare status reports, manage internal audit program, and prepare FY 22-23 internal audit plan (52 weeks, $10,000)
6 III. FY 21-22 Internal Audit Plan
# Project Fees 7-9/21 10-12/21 1-3/22 4-6/22
1 FWA Program Development/Training $15,000
2 Internal Service Fund Testing $35,000
3 Procurement Operational Review $35,000
4 Policy Training $5,000
5 Ongoing Internal Audit Services $10,000
Total $100,000
The material appearing in this presentation is for informational purposes only and is not legal or accounting advice. Communication of this information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials may have been prepared by professionals, they should not be used as a substitute for professional services. If legal, accounting, or other professional advice is required, the services of a professional should be sought.
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