Internal Audit Briefing

Presented to the Port of Seattle

Audit Committee and Tay Yoshitani, CEO

Jack Hutchinson, CPA, CIA, CISA, Audit Manager

September 1, 2009

Agenda

Audit Reports

– Department Audits

• Aviation Security Department

• Aviation Acquisition and Relocation

– Lease and Concession

• Fireworks Gallery

Aviation Security Dept.

• No Audit Findings

– Clean Audit Report

Acquisition and Relocation

• Audit Findings

– Incomplete Accountability over Rent Collection

– Inadequate Controls over Cash Collection

– Noncompliance with Port Procurement and

Disbursement Policies and Procedures

Fireworks Gallery

• Audit Findings

– Suggested Financial Recovery

• $ 1,366.14 in additional charges for late payments