Agenda I. Brevard Public School Audit Committee-

Transcript:Agenda I. Brevard Public School Audit Committee-:
Agenda I. Brevard Public School Audit Committee- Overview II. Audit Committee Members III. SBBC Financial Oversight IV. Reporting Structure V. BPS Audit Insight and Oversight VI. BPS Audit Procurement Process VII. BPS Internal Auditors VIII. BPS External Auditors IX. Internal Audit Implementation X. BPS Internal Audits XI FY 2022-23 Internal Audits Completed XII FY 2023-24 Internal Audits Completed XIII Corrective Actions & Remediation Status XIV 15-Year Look Back at Significant Audit Committee Activity XV 2023-24 Audit Committee Goals & Highlights XVI. Questions 1 I. Brevard Public School Audit Committee- Overview Audit Committees are utilized across the American Business and Public Sector Spectrum An Independent audit committee is defined by the “Institute of Internal Auditors “ as: * A board-level committee made up of at least a majority of independent members * Responsible for providing oversight of management practices in key governance areas: ■ Values and ethics. ■ Governance structure. ■ Risk management. ■ Internal control framework. ■ Audit activity. ■ External assurance providers. ■ Management action plans. ■ Financial statements and public accountability reports. 2 I. Brevard Public School Audit Committee- Overview The Brevard Public School (BPS) Audit Committee was established in the late 1990’s The BPS Audit Committee’s authorization to operate is provided via - School Board Policy 6700 – Audit Committee and - School Board Policy 6705 – Charter of Internal Audit The BPS Audit Committee Members: - Are community volunteers appointed (individually) by each School Board Member. - Have diverse backgrounds (Accounting, Legal, Senior Managers, Engineers, Project Leaders, Business Owners, etc.) - Are dedicated to improving Brevard Public Schools BPS Audit Committee has been and continues to be a “Work-In-Progress” (evolving through application of Continuous Improvement Methodology). 3 The effectiveness of BPS is a direct reflection of the Appointing Authorities and the support provided by the entire BPS Leadership Team Kudos to Brevard Public School Board members in the selection of Audit Committee Members II. Audit Committee Members Art Edwards, Chairman – Retired Aerospace Corporate Safety Manager. Background includes Engineering, State of Florida Certified General Contractor, Project Management; Safety; Author Presently, Senior Partner in a Safety Consulting firm; President/CEO Edwards Media Group and writing a book chronicling African Americans at KSC; Committee member for over 15+ years. Nicole Colbert, Vice Chairman – A Certified Public Accountant in the state of Florida, Mrs. Colbert worked in the audit division for EY and is now in private industry with