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Meeting Date:
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Category:
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Regular Items of Business |
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Type:
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Subject:
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4. Action on Recommended FY24 Plan of Audits and Report on District Risk-assessment Plan |
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments:
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Risk Assessment Narrative
FY24 Annual Audit Plan - Revised |
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File Attachment:
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Background:
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1. Annually, the Milwaukee Board of School Directors adopts a yearly Plan of Audits which identifies audit activities that the Office of Board Governance-Audit Services to conduct during the ensuing fiscal year.
2. After the initiated and required audits have been determined, the next step in developing the annual audit plan involves utilizing the results of the District Risk Assessment. Audit Services staff also reviews the Board's proceedings to identify possible audit topics. These audit topics then serve as the basis for drafting the annual audit plan, which provides information on possible audits and anticipated resources required to complete each audit.
3. The proposed FY24 Annual Plan of Audits and District Risk Assessment have been completed and submitted for the Board's review and approval. The plan includes initiated, required and proposed audits. Included with the recommendation is a summary of available days which identifies estimated resource requirements for each audit and shows how available days will be used to support the audit plan.
4. The proposed FY24 Annual Plan of Audits includes audit activities for the Board-approved Audit Services areas, including external audit assistance, departmental and program audits, fraud investigations and other reviews, including external audit reviews, and school audits with corresponding days. This year's FY24 Annual Audit Plan includes both cyclic and non-cyclic departmental and program audits. Cyclic departmental and program audits will be scheduled on a recurring basis in high risk/high-impact areas such as accounts payable, payroll, financial reporting, IT Security, among others. Other program evaluations could include reviews of district background screening processes, student enrollment and attendance systems, bilingual programs, FMS billing processes, a follow up review of district building lease recommendations.
5. Per Board Governance Policy 2.12, Board Audits: Annual Plan and Coordination, audits not ordered in the Audit Plan, but later determined to have major implications to the District, require the Board's approval to amend the annual plan of audits. This policy also provides for the Board Clerk/Chief Officer of the Office of Board Governance to have the authority to approve critical and emergency audits during the year.
At its June 29, 2023, meeting, the Board directed that this item be carried forward to the July 2023 meeting. |
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Fiscal Impact Statement:
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Implementation and Assessment Plan: |
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Recommendation
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The recommendation is that the Board determine how it wishes to proceed. |
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Approvals:
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Recommended By: |
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Signed By: |
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer |
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