Kirangi PPT
Internal Audit Briefing Presented to the Port of Seattle Audit Committee and Tay Yoshitani, CEO Joyce Kirangi, CPA Director, Internal Audit January 11, 2011 Agenda Audit Report Performance audit Aviation Over Time - Current Practices Lease and Concession Audits Rent-A-Car Audits Dollar RAC Fox RAC 2011 Work Plan Preliminary Discussion Internal Audit Risk Assessment Process Walk-Through Preliminary List of 2011 Audits Aviation Division Overtime Background A total of 27 separate work units in the division incurs overtime. Aviation Division Overtime Audit Objectives The purpose was to determine whether the Division: 1) Provides adequate oversight to ensure discretionary overtime is driven by operational necessity, as opposed to non-value added/low risk tasks. 2) Manages overtime results based on achievable, realistic estimates and/or assumptions within established budgetary goals/targets. 3) Manages overtime hours with an emphasis on costs/benefits with an awareness of risk-based alternatives. Aviation Division Overtime Audit Result Clean Audit Report Management Letter Item Lease and Concession Audits Background Dollar Concession of 80% of the total amount paid to the Port in the previous agreement year. 2007 2008 2009 Reported Gross $12,157,119 $13,700,673 $15,371,427 Concession Paid $ 1,200,905 $ 1,428,315 $ 1,504,796 Fox 4% of the annual gross revenue over $480,000 which is to be adjusted annually by the Consumer Price Index (CPI). 2008 2009 Reported Gross $ 6,603,567 $ 217,979 Concession Paid $ 5,976,073 $ 234,926 Lease and Concession Audits Audit Objectives The purpose of the Lease and Concession audits was to determine whether: 1) Reported concession was complete, properly calculated and remitted timely to the Port. 2) Port and the lessee complied with provisions of the Lease and Concession Agreement. 3) Lease and Concession Agreement, as amended, complies with applicable state and Port requirements. 4) Customer Facility Charges (CFC) were properly collected and remitted timely to the Port. Lease and Concession Audits Audit Result Dollar Underreported Gross Revenue Untimely Payments Fox Underreported Gross Revenue Underreported Customer Facility Charge (CFC) Untimely Payments Preliminary 2011 Work Plan 2011 Work Plan Status Internal Audit Risk Assessment Process Walk-Through Preliminary List of 2011 Audits
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