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Internal Audit Briefing Presented to the Port of Seattle Audit Committee and Tay Yoshitani, CEO Joyce Kirangi, CPA Director, Internal Audit May 15, 2012 Agenda Audit Report 1. Lease and Concession Audits Bell Street Parking Garage and Pier 66 Parking Lot - Republic Parking Northwest, Inc. 2. Operational/Performance Audits Central Processing System None Comprehensive Operational Audit Risk Management Limited Operational Audit None 3rd Party Audit None Briefing/Updates Concession and Lease Audit Republic Parking Northwest, Inc. Background Republic Parking was founded in 1966 in Tennessee, and now has operations in North America and Europe. The Northwest division is headquartered in Seattle and operates in Washington, Idaho, and Hawaii. Republic has been managing both the Bell Street Garage and Pier 66 Parking Lot since 1992. The terms of the agreement defines the concession as follows: Pier 66 Parking Lot - 90% of the gross parking revenues Bell Street Garage - 71% of gross parking revenues if the concession amount exceeds the monthly rent of $65,000 Below are financial highlights for the agreement year from June 2010 to May 2011: Location Reported Rent Payments Concession Payments Revenue Bell Street Garage $ 2,517,169 $ 880,152* $ 907,039 Pier 66 Parking Lot $ 17,614 n/a $ 14,049 Source: PeopleSoft * Includes payment of state Lease-Hold Tax of 12.84%. Concession and Lease Audit Republic Parking Northwest, Inc. Audit Objectives The purpose of the audit was to determine whether : 1. Rent and gross sales were complete and paid within the contractual timelines 2. Republic complied with insurance and surety requirements 3. Republic complied with lease requirements intended to mitigate unrealized revenues The scope of the audit covered the period from June 1, 2010 through May 31, 2011. Concession and Lease Audit Republic Parking Northwest, Inc. Audit Result One Audit Finding 1. Incomplete Reporting of Bell Street Garage Concession Revenues $2 online processing fee Cash over/short Comprehensive Operational Audit Risk Management Background The Risk Management Department provides many services and performs many tasks: 1) incident reporting, 2) claims management, 3) contractual risk analysis, 4) risk financing, 5) insurance purchasing, 6) driver safety training, 7) enterprise risk management assessments and 8) special event management. The Department also has a role in self-funding for employee health benefits, fleet management as it pertains to driver safety, contractual liability management with the Central Procurement Office, construction safety and managing the federal mandated drug testing requirements for commercial driver license holders. Below are financial highlights for the last three years: Description 2010 Actual 2011 Actual 2012 Budget (as of Feb. 2012) SALARIES & BENEFITS $ 547,697 $ 522,392 $ 651,016 OTHER OPERATING AND MAINTENANCE $ 87,659 $ 22,139 $ 23,153 Source: PeopleSoft Comprehensive Operational Audit Risk Management Audit Objectives The purpose of the audit was to determine whether management has implemented adequate controls to ensure: 1. Policies and procedures are followed and kept current 2. Performance measures are tracked 3. Receipts are properly accounted for The scope of the audit covered the period from January, 1 2010, through December 31, 2011. Comprehensive Operational Audit Risk Management Audit Result No Finding Briefing/Updates IT and Performance Risk Assessment RFP Received 13 proposals Shortlisted ALGA Peer Review Tentatively scheduled for July 9 through 13.
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