Audit Committee Meeting

MINUTES Audit Committee Meeting Monday, October 4, 2021 at 4:00 PM Carnegie Town Hall, 235 West 10th St., Sioux Falls, South Dakota 57104 1. Call To Order Present: Committee Member Dean Buckneberg, Committee Member Tony Goettsch, Committee Member Rose Grant, Committee Chair Rick Kiley, Committee Member Greg Neitzert, Committee Member Curt Soehl Absent: Committee Member Alex Jensen Committee Chair Rick Kiley called the meeting to order at 4 p.m. 2. Approval of Minutes A. Monday, March 29, 2021 A motion was made by Committee Member Neitzert and seconded by Committee Member Soehl to approve the minutes. Roll call vote to approve. 6 Yes: Buckneberg, Goettsch, Grant, Kiley, Neitzert, Soehl; 0 No: (None). Motion Passed. 3. Reports and Updates A. Audit Report 21-01: Spectra Management A motion was made by Committee Member Goettsch and seconded by Committee Member Soehl to submit Audit Report 21-01 to the City Council. Roll call vote to submit. 6 Yes: Buckneberg, Goettsch, Grant, Kiley, Neitzert, Soehl; 0 No: (None). Motion Passed. B. Audit Report 21-03: Midco Aquatic Center Cash Handling A motion was made by Committee Member Soehl and seconded by Committee Member Grant to submit Audit Report 21-03 to the City Council. Roll call vote to submit. 6 Yes: Buckneberg, Goettsch, Grant, Kiley, Neitzert, Soehl; 0 No: (None). Motion Passed.  C. Audit Report 21-04: Travel Expenditures A motion was made by Committee Member Neitzert and seconded by Committee Member Soehl to submit the Audit Report 21-04 to the City Council. Roll call vote to submit. 6 Yes: Buckneberg, Goettsch, Grant, Kiley, Neitzert, Soehl; 0 No: (None). Motion Passed. D. 2022 Audit Plan Status Internal Audit Manager Shana Nelson reviewed the timeline for developing the 2022 Audit Plan. In October, stakeholders complete the annual risk assessment followed by meetings with stakeholders in November. From November to December, risks will be identified and the plan will be completed in time for presentation to the Committee in December or January. E. 2021 External Audit Nelson reviewed dates which Eide Bailly is available to present the plan for completing the 2021 External Audit. She indicated that she will poll the members to identify dates that work for all. 4. Administration A. AuditBoard Nelson reviewed the features of AuditBoard, a program for tracking and conducting audits. It integrates all files into one solution, has configurable interactive dashboards, and includes workflows and notifications. B. Policy and Procedure Inventory Nelson stated that the office is reviewing policies and procedures in light of the use of AuditBoard. She indicated the review will take some time. C. Audit Committee Handbook Nelson stated that she is in the process of preparing a Committee Handbook to aid new and existing members in accomplishing their duties. 5. Committee Member Remarks Committee Member Neitzert and Chair Kiley congratulated the auditors for completing their audits. 6. Public Comment  There was none. 7. Adjournment Committee Chair Rick Kiley adjourned the meeting at 4:58 p.m. Thomas M. Greco, City Clerk