Audit Committee Meeting

MINUTES Audit Committee Meeting Thursday, August 22, 2024 at 3:00 PM Carnegie Town Hall, 235 West 10th St., Sioux Falls, South Dakota 57104 1. Call To Order Present: Committee Chair David Barranco, Committee Member Tony Goettsch, Committee Member Rich Merkouris, Committee Member Karla Quarve, Committee Member Jennifer Sigette, Committee Member Eric Walser Absent: Committee Member Ryan Spellerberg Meeting called to order at 3 p.m. by Audit Committee Chair David Barranco. 2. Approval of Minutes A. Thursday, April 4, 2024 A motion was made by Committee Member Sigette and seconded by Committee Member Merkouris to approve the Thursday, April 4, 2024, Audit Committee Meeting Minutes. Voice vote to approve. 6 Yes: Merkouris, Barranco, Goettsch, Sigette, Quarve, Walser; 0 No: (None). Motion Passed. 3. Reports and Updates A. 2024 Enterprise-Wide Risk Assessment by Jake Taylor, CliftonLarsonAllen Ryan Lauseng, Internal Auditor, gave a brief introduction to the 2024 Enterprise- Wide Risk Assessment results and report, the proposed 3-year Audit Plan, and introduced Jake Taylor (attended remotely), Manager, CliftonLarsonAllen's Value and Risk Services. Taylor presented the risk assessment report (presentation attached to agenda). Following the presentation, there was some discussion on the assessment and the survey that was utilized. B. Proposed 3-Year Audit Plan by Ryan Lauseng, Internal Auditor Lauseng presented the 3-year Audit Plan (presentation attached to the agenda).  Following the presentation, the committee asked some questions that were answered by Lauseng. The committee also discussed some of the proposed specific department audits, and the possibility of adding additional special audit requests to the plan. A motion was made by Committee Member Quarve and seconded by Committee Member Walser to amend the proposed 3-year Audit Plan by adding two special audit requests for an audit of credit card fees and for the City Attorney's Office. Voice vote to amend. 6 Yes: Merkouris, Barranco, Goettsch, Sigette, Quarve, Walser; 0 No: (None). Motion Passed. A motion was made by Committee Member Merkouris and seconded by Committee Member Quarve to recommend the proposed 3-year Audit Plan to the City Council for approval as amended. Voice vote to recommend. 6 Yes: Merkouris, Barranco, Goettsch, Sigette, Quarve, Walser; 0 No: (None). Motion Passed. 4. Committee Member Remarks Committee Chair Barranco spoke on assessments and risks. He commented on a current financial news event involving state employees, and how things like that cannot happen in Sioux Falls, and how the purpose of the Audit Committee is to prevent that from happening. He continued by challenging the Audit Committee to leave no stone unturned. 5. Public Comment There was none. 6. Adjournment The meeting was adjourned at 3:43 p.m. Jermery J. Washington, City Clerk