NextSteps
PORT OF SEATTLE MEMORANDUM DATE: July 7, 2011 TO: Audit Committee FROM: Tom Barnard, Audit Committee Staff SUBJECT: Next steps for the Audit Committee At the June 7, 2011, Audit Committee meeting, several recommendations were made to improve the ability of the Audit Committee to carry out its function, building on and adding to earlier recommendations made in April. This memo is intended to follow up those suggestions by formally endorsing these measures. All basic financial information provided to the Commission in briefings will be 7/2011 provided to the public member of the Audit Committee. This would include quarterly reports, budget materials as requested and other measures of financial performance. The Audit Committee will recommend to the Commission and the CEO a stronger 9/2011 role in deciding the budget the Port's auditing function, including recommendations for both specific staffing resources for the Internal Audit Department and possible contracts with external auditing entities. The Audit Committee Charter will be brought in to compliance with IIA and 10/2011 governmental auditing standards, unless precluded by the unique nature of the organization, as decided by the Audit Committee. An outside firm will assess the work of Internal Audit, and particularly, the risk 12/2011 assessment methodology used in preparing the annual risk assessment plan and the subsequent work plan. The Audit Committee will come to an agreement on what kinds of auditing risk 12/2011 and business risk they feel the Committee wishes itself and Internal Audit to focus on, and incorporate that into a 2011-2013 Long Range Goals and Objectives Plan. That the Performance Metrics being developed by different sub-organizations When within the Port be reviewed periodically by the Audit Committee so as to Performance increase its ability to assess internal performance. Metrics developed
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