Annual Audit Plan FY 2021-2022 - Laserfiche WebLink

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Audit Plan—Fiscal Year 2021-2022 Risk Assessment The audit plan was developed using a risk-based approach. This "risk assessment" compiled the list of audit engagements through the following approach: ➢ Understanding the County goals The plan sought input from multiple stakeholders to understand the goals of the organization and challenges to its success. This input and understanding were gained through review and conversations from a diverse group of stakeholders including those in the administration, legislative branch, and citizens. Goals include items such as: • Promoting fiscal responsibility and stability • Rightsizing department and resource allocations to better ensure success and sustainable growth • Improving ease of access for public interaction with government services • Maintaining, improve and enhance public facilities and infrastructure • Protecting County owned assets against theft, loss, and misuse • Ensuring public safety ➢ Completing Countywide Risk Survey The Countywide risk survey administered through a web-based survey tool is used to identify and assess potential events or situations that may threaten the county's success in achieving its' goals. The risk survey evaluated risk in 4 areas: • Operational • Compliance • Financial • Reputation The guiding axes are assessed along two lines, the probability and likelihood that adverse events might occur and the degree of impact the event would have if it occurs. In addition, other variables including the volume of transactions, complexity of a process, known weaknesses, degree of oversight, and other criteria may guide impact or probability. ➢ Identifying Processes and their potential impacts on operations Key business processes are identified and the potential for improvement on those operations, and impact those improvements might make to the County's operations and ability improve its core services are final components to determining audit engagements. 3