Capital Construction
PORT OF SEATTLE MEMORANDUM DATE: October 21, 2014 TO: Audit Committee FROM: Joyce Kirangi, Internal Audit Director SUBJECT: Capital Projects Audit Engagement Update Over the next several years, the Port of Seattle plans to spend over $1 billion for a capital construction program at Seattle-Tacoma International Airport. In accordance with our 2014 Audit Committee Work Plan, Internal Audit has started familiarizing itself with this major capital program. We have obtained a broad understanding of critical activities of this capital program, which encompasses many capital improvement projects. Costs will be incurred internally within the Port. In addition, the Port will incur costs for work performed by contractors, subcontractors, consultants, and vendors. The complexity of this program presents inherent risk exposures related to efficiency, effectiveness, cost, and compliance. In order to mitigate those risks, Internal Audit plans to implement a long-term audit program, which will allow us to proactively examine various aspects of the high-risk areas annually. We will conduct compliance audits of the outside parties when appropriate. We will also examine the effectiveness of Port processes over various aspects of this capital program. The areas we select to audit and include in the Audit Committee work plan will be based on the auditor's judgment and risk assessment. The auditor's judgment is informed by various analyses and discussions with the Audit Committee, stakeholders, and Port leadership. As we move forward with developing a long-term audit approach for the Port's capital program, we will continue to seek your input. Your feedback is encouraged and appreciated. Areas under consideration for detailed review include, but are not limited to: Contract Terms and Conditions Construction Contract Methods and Cost Allocation Procurement Commission Reporting Construction Management Controls Project Planning and Risk Assessment Contractors' Compliance with Project Cost and Schedule Estimation Agreement Terms and Conditions Project Authorization Change Order Management Project Design and Review Project Close-out Small Business Participation
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