Toll Highway Authority internal audit reports 2024 results, outlines 2025 audit plan and ERM rollout

Sean Farmer, chief of internal audit for the Toll Highway Authority, told the Finance and Audit Committee that internal audit completed several mandated reviews in 2024 and is planning a set of cycle audits and risk-based reviews for 2025.

Farmer said internal audit "completed Feesha's requirements of creating and executing a 2 year audit plan, the annual certification letter, and the required cycle audits" for 2024 and noted the department issued a September 30 progress report to the board chair, the audit committee chair and the executive director. He told directors that five cycle audits were completed in 2024 and that the office passed an external peer review with the highest rating.

The internal audit update matters because it shows how the authority monitors internal controls and the follow-through on audit findings that could affect operations and financial reporting.

Farmer told the committee that internal audit derives its authority from the state's Fiscal…