Minneapolis approves 2011 Audit Plan
The Minneapolis Audit Committee approved an internal audit plan for 2011 at their meeting on Tuesday, Nov. 16. Like all large organizations, the City of Minneapolis has many functions that carry business and financial risks, and the City's newly-expanded Department of Internal Audit will help the City better understand and manage those risks through the audit process.
The City receives consistently high marks from the State Auditor and national credit rating services for its financial management. City leaders created the Department of Internal Audit in 2009 to maintain the City's high standing by continually reviewing and improving how it manages financial and business processes and be more accountable to taxpayers.
As a first step, the department completed an initial risk assessment by working with City departments and other stakeholders. That assessment outlined key business and financial risks facing City government, and looked at both the likelihood of a possible occurrence and the severity of the impact it would have to the City. The risk ranking criteria were tailored specifically to the City's work based on both quantitative and qualitative factors, and that ranking was used to design the audit plan.
The 2011 plan is based on the risk analysis and the business need to get a baseline understanding of operations in specific business units, ranging from technology management to financial reporting and purchasing, among other areas. Along with the approved 2011 plan, the Audit Committee tentatively approved a plan for 2012 and 2013. Although the 2012 and 2013 plans are tentative, an annual review at the end of each year will allow opportunities to adjust the auditing priorities for the upcoming year if needed.
The Internal Audit Department adds value to the City enterprise by performing audits and making recommendations based on the results. These audits focus on the accuracy and integrity of financial information, reducing costs, and increasing efficiency and effectiveness of processes and controls to provide reasonable assurance that City's business goals will be met.
The full risk assessment plan and internal audit plan is available on the City's website.
Nov. 17, 2010
Published Nov 17, 2010