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Internal Audit Internal Audit Briefing Presented to the Port of Seattle Audit Committee and Tay Yoshitani, CEO Joyce Kirangi, CPA, CGMA Director, Internal Audit December 03, 2013 Agenda Audit Report 1. Lease and Concession Audits Vino Volo InMotion no reportable findings/conditions 2. Operational Audits Central Processing System None Comprehensive Operational Audit /Departmental Audit Aviation Maintenance Department Limited Operational Audit None 3rd Party Audit None Briefing/Updates Internal Audit 2013 Metric Internal Audit 2013 Work Plan Status Proposed 2014 Internal Audit Work Plan Lease and Concession Audit Vino Volo Background Vino Volo is located in the Central Terminal Marketplace. Its product line consists of wines from around the world, sold by the bottle, glass or tasting flights; lunch, dinner, and small-plates; and wine-related merchandise, books, and magazines. Vino Volo entered into its first lease and concession agreement with the Port of Seattle on April 17, 2006, for a 10-year term ending April 30, 2016. Lease and Concession Audit Vino Volo Audit Objectives The purpose of the audit was to determine whether: 1. The reported concession revenue is complete, properly calculated, and remitted timely. 2. The lessee complied with significant provisions of the lease and concession agreement. The scope of our audit covered the period from May 1, 2010 September 30, 2012. Lease and Concession Audit Vino Volo Audit Result Concession revenue reported by Vino Volo was complete, calculated properly, and remitted timely, except for overpayment of the concession fee. Vino Volo complied with significant provisions of the lease and concession agreement. One Finding 1. Vino Volo overstated gross receipts and overpaid the concession fee. Audit Recommendation Port management work with Vino Volo to resolve the overpayment and ensure future gross receipts are reported in accordance with the terms of the agreement. Comprehensive Operation Audit Aviation Maintenance Department Background Aviation Maintenance is the Port's largest department with approximately 360 employees and an annual operating budget of approximately $56 million. There are nine separate labor unions representing approximately 300 Aviation Maintenance employees. The Department's primary objective is to ensure properly functioning systems and equipment at aviation facilities. Operating Expenses (in thousands) 2011 2012 Salaries, Wages, & Benefits 36,299 41,361 Equipment & Supplies 5,644 6,770 Other Expenses 6,414 5,700 Total 48,357 53,831 Data Source: PeopleSoft, as of November 7, 2013 Comprehensive Operation Audit Aviation Maintenance Department Audit Objectives The purpose of the audit was to determine whether the Department's controls are adequate to ensure: 1. Inventory records are accurate and complete. 2. Asset information is recorded completely, accurately, and timely in the Maximo system. 3. The preventive maintenance program is timely and effective. We reviewed information for the period January 1, 2012 September 30, 2013. Comprehensive Operation Audit Aviation Maintenance Department Audit Result Aviation Maintenance's controls are adequate to ensure that inventory records are accurate and complete, asset information is recorded completely, accurately and timely, and the preventive maintenance program is timely and effective. No Reportable Findings/Conditions Briefing/Updates Internal Audit 2013 Metric Internal Audit 2013 Work Plan Status Proposed 2014 Internal Audit Work Plan Briefing/Updates Internal Audit 2013 Metrics
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