19E - INTERNAL AUDIT PLAN - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JUNE 21, 2016 TITLE: INTERNAL AUDIT PROJECT PLAN FOR THE FISCAL YEAR - ENDING JUNE 30, 2017 (STRATEGIC PLAN NO. 4, 1) CITY MAN ER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: FTAT"JUMOVIffill ❑ As Recommended ❑ As Amended ❑ Ordinance on 16' Reading ❑ Ordinance on 21' Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Receive and file the Internal Audit project plan for the fiscal year- ending June 30, 2017. DISCUSSION Safeguarding the City's assets and resources is a top priority for the Finance and Management Services Agency (FMSA). As part of its effort to enhance the City's internal control environment, FMSA has hired a new Senior Accountant /Internal Auditor to work under the guidance of the Supervising Accountant. This position will assist the City in evaluating organizational risks, analyze existing operations, and enhance established internal controls where necessary. Strengthening the City's internal controls will assist in continuing to safeguard the City's funds, improve efficiency in operations, reduce the potential for fraud, and ensure continued reliable financial reporting. Following is a preliminary list of areas that FMSA plans to review during fiscal year 2016 -17: • Cash receipts processes at various City locations • Cash disbursements processes involving invoice processing, wire /ACH payments, credit card usage, and review of vendor legal names used in contracts • Approval and submission process for employee timesheets • Review & update City -wide policies and procedures STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #4 - City Financial Stability, Objective #1 (maintain a Stable, Efficient, and Transparent Financial Environment). 19E -1