There were no substantive changes to the Charter itself. The Committee requested the updated charter be provided to the full board for final approval. The internal control report was provided to the Committee for review and approval. The internal control report took extra time to complete this year due to its comprehensive coverage, which included some sections not previously evaluated. Generally, internal controls were determined to be adequate.
Management is in the process of resolving noted exceptions.
The risk assessment report prioritized the agency functions reviewed during the internal control review process. Some new functions were added and others redefined. A new risk ranking method was used. Instead of identifying a two-year audit plan, three of the high risk functions were selected for preliminary evaluation at an executive staff meeting. Based on the results, the functions may receive more comprehensive audit coverage.