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Council approves city's fraud-risk self-assessment; staff scores city in 'low risk' category
Summary
City staff presented a fraud-risk self-assessment and said the city scored 335 out of 395 points, placing Roosevelt in the state's 'low risk' category; council approved the submission and discussed forming an audit committee and staff certifications to further lower risk.
City staff presented the annual fraud-risk assessment that must be submitted to the state and recommended council approve the submission.
The presenter said the city's score was "335 out of 395," which places the city in the state's low-risk category (the presenter contrasted that with a "very low" designation that requires a higher score). The presenter said the score reflects a mix of existing policies and a few missing items, such as having a CPA on staff, which many similar-size cities do not have.
Council members asked whether the city could form a formal audit committee and whether contracted accountants or auditors could count toward the city's management-team qualifications for the state assessment. Staff said some cities contract accountants on an hourly basis to assist with internal controls and that contracted auditors need to be independent to perform formal audits.
The mayor and a council member praised the city's improved score compared with past years and noted planned staff certifications. A motion to approve the fraud-risk assessment was made and seconded; the council voted in favor.
Staff said they will submit the approved assessment to the state and follow up on opportunities to lower the city's risk score further through certifications and possible audit-committee structures.
