Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Governance topic
No spam. Unsubscribe anytime.
District accepts fraud-risk assessment, board discusses forming audit committee
Summary
The Stansbury Park Neighborhood District accepted a fraud-risk assessment showing a score of 320 out of 395 (classified as low risk) and discussed forming a small internal audit committee to strengthen points related to staff qualifications and internal audit functions.
The Stansbury Park Neighborhood District board accepted a fraud-risk assessment that scored the district 320 out of 395 points, placing it in the meeting’s "low risk" category.
District manager Brett Palmer presented the assessment and explained that lower points stem from key items: "we do not have any staff in accounting that has a bachelor's degree, and none of us on staff are a certified CPA," and the district lacks a formal internal audit function and an audit committee.
Board members discussed remedies that could raise the score, including forming a functioning internal audit committee composed of one board member and an employee to review procedures and meet as needed. Palmer suggested forming the committee and then confirming its functioning ahead of the next assessment to gain additional points.
A motion to accept the fraud-risk assessment as presented was made, seconded and approved by unanimous voice vote. The board directed staff to explore creating a formal audit committee and to bring a proposed structure back to a future meeting.
