PORT OF SEATTLE
MEMORANDUM
DATE:

July 7, 2011

TO:

Audit Committee

FROM:

Tom Barnard, Audit Committee Staff

SUBJECT:

Next steps for the Audit Committee

At the June 7, 2011, Audit Committee meeting, several recommendations were made to
improve the ability of the Audit Committee to carry out its function, building on and adding to
earlier recommendations made in April. This memo is intended to follow up those suggestions
by formally endorsing these measures.
All basic financial information provided to the Commission in briefings will be
provided to the public member of the Audit Committee. This would include
quarterly reports, budget materials as requested and other measures of financial
performance.
The Audit Committee will recommend to the Commission and the CEO a stronger
role in deciding the budget the Port's auditing function, including
recommendations for both specific staffing resources for the Internal Audit
Department and possible contracts with external auditing entities.
The Audit Committee Charter will be brought in to compliance with IIA and
governmental auditing standards, unless precluded by the unique nature of the
organization, as decided by the Audit Committee.
An outside firm will assess the work of Internal Audit, and particularly, the risk
assessment methodology used in preparing the annual risk assessment plan and
the subsequent work plan.
The Audit Committee will come to an agreement on what kinds of auditing risk
and business risk they feel the Committee wishes itself and Internal Audit to
focus on, and incorporate that into a 2011-2013 Long Range Goals and
Objectives Plan.
That the Performance Metrics being developed by different sub-organizations
within the Port be reviewed periodically by the Audit Committee so as to
increase its ability to assess internal performance.

7/2011

9/2011

10/2011

12/2011

12/2011

When
Performance
Metrics
developed