9. Attachment
Pallino SeaTac LLC Audit Report
INTERNAL AUDIT ATTESTATION ENGAGEMENT - AGREED UPON PROCEDURES Pallino SeaTac, LLC January 2023 – June 2023 Issue Date: March 18, 2024 Report No. 2024-02 This report is a matter of public record, and its distribution is not limited. Additionally, in accordance with the Americans with Disabilities Act, this document is available in alternative formats on our website. Pallino Seatac, LLC Executive Summary Internal Audit completed an attestation engagement to assess compliance with the Lease and Concession Agreement (Agreement) between Pallino SeaTac, LLC and the Port of Seattle (Port). The period reviewed was January 1, 2023, through June 30, 2023. We conducted the engagement in accordance with Generally Accepted Government Auditing Standards. Internal Audit did not conduct an examination or a review of the subject matter, the objective of which would be the expression of an opinion or a conclusion. Had we performed additional procedures, other matters may have come to our attention that would have been reported. The procedures and results are captured below. Procedures Performed 1. Validated that percentage fees were calculated correctly and in accordance with the lease revenue thresholds. Result: We identified no exceptions. 2. Agreed the concessionaire’s monthly general ledger sales data to what was provided to the Accounting & Financial Reporting Department. Result: We identified no exceptions. 3. Agreed point of sale summary reports to the general ledger. Result: We identified no exceptions. 4. Reviewed the Profit & Loss statements for variances. Result: We identified no exceptions. 5. Reviewed a random sample of invoices to determine if they were paid on time and for the full amount charged. Result: We identified no exceptions. Glenn Fernandes, CPA Director, Internal Audit 2
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