Audit Committee Meeting

MINUTES Thursday, February 2, 2012 Audit Committee Meeting 4:00 PM Sioux Falls City Council Carnegie Town Hall 235 West 10th Street Members Present: Council Member Greg Jamison, Council Member Rex Rolfing, Committee Member Joseph Marsh, Committee Member Jason Forbes, Rich Oksol, Lead Internal Auditor, Tim Buseman, Internal Auditor Members Absent: Council Member Sue Aguilar, Council Member James Entenman, Committee Member Anne Oppegard Staff Present: Jamie L. Palmer, CMC, Assistant City Clerk; Dave Bixler, Budget Analyst; Denise D. Tucker, CMC, Assistant City Clerk Guests: Bill O’Toole, Angie Uthe, Tracy Turbak 1. Call To Order Jamison called the meeting to order at 4:00 p.m. 2. Review and approve minutes from the meeting dated November 22, 2011 A motion was made by Rex Rolfing and seconded by Joseph Marsh to approve minutes from the meeting of November 22, 2011. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed. 3. Review Audit Report: 11-13 City Wide Disbursements Buseman reviewed the report, detailed responses, recommendations, and management responses. Bill O'Toole, Director of Human Resources, gave an update about the repayment schedule and processes that were put into place to prevent this in the future. Discussion followed. A motion was made by Jason Forbes and seconded by Rex Rolfing to accept the Audit Report: 11-13 City Wide Disbursements. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed. 4. Review Audit Report: 12-01 Update on Status of Audit Recommendations Oksol reviewed the report, detailed responses, recommendations and management responses. Discussion followed. A motion was made by Rex Rolfing and seconded by Jason Forbes to accept the Audit Report: 12-01 Update on Status of Audit Recommendations. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed. 5. Records Retention Policy for Internal Audit Oksol spoke about the need for a policy for record retention of Internal Audit Reports and work papers. He said that he has completed some initial research and found that retention is typically about 5 years. Discussion followed. Denise D. Tucker, Assistant City Clerk, said that after the policy is finalized, a copy will need to be kept on file in the Records Retention Manual. Oksol will consult with the City Clerk's office and City Attorney's office to draft a record retention policy for Internal Audit to present at the next meeting. 6. Audit Committee Vacancy Oksol said that the term for committee member Marsh ends this month and he does not want to continue with the committee. The Council will need to appoint someone to fill the vacancy. Oksol said that it is a citizen volunteer position. Jamison said that he will inform the Council of the vacancy. Jamison expressed his gratitude to Marsh for his service on the committee. 7. Open Discussion Oksol reported that Eide Bailly, LLP is merging with a Wisconsin firm. Their new name will be EB Wipfli which will make them the 13th largest accounting firm. 8. Executive Session A. Pursuant to personnel issue under SDCL 1-25-2(1) A motion was made by Rex Rolfing and seconded by Joseph Marsh to enter Executive Session pursuant to personnel issue under SDCL 1-25-2(1) at 4:26 p.m. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed.  A motion was made by Joseph Marsh and seconded by Jason Forbes to exit Executive Session at 4:44 p.m. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed. 9. Adjournment A motion was made by Joseph Marsh and seconded by Jason Forbes to adjourn at 4:44 p.m. Jamison called for a voice vote on that motion and all members voted yes. Motion Passed. Jamie L. Palmer, CMC Assistant City Clerk