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Audit Committee - May 2018

Transcript: Audit Committee Meeting - May 2018 External Audits External Audits IDEA Basic & Preschool Grant IDEA Basic & Preschool Grant National School Lunch Program National School Lunch Program Overall, pretty comprehensive! 36 different items they are reviewing H&M Travel Process Review 4 Phases 1. Review current travel policies/procedures - DONE 2. Recommend policy/process changes - DONE 3. Determine/document changes - In Process 4. Training and implementation - Not Started H&M Travel Process Review Performance Audit Auditor General Started around September 1st. Fieldwork Wrapping-Up! Preliminary Findings Discussed with Audit Services and IT Final Report to be Issued in July/August 2018 Performance Audit Internal Audits Internal Audits Bookstore Flash Audit Completed Audits Reviewed System Access Cash Controls Transaction Processing End-of-Period Processes Resale Inventory Fundraiser Documentation Administrative Overview Status Report Issued (done!) CAP Form Completed (done!) CAP implemented (in process) Follow-Up Audits Red Mountain Bookstore Taylor JHS Bookstore Native American Education Program Taft PTO Payroll Follow up complete however several auditees need to continue working on their implementation Transitioned to respective area superintendent Follow-Up Audits Student Enrollment/Withdrawal Audit 11 schools tested All schools showed improvements and are now generally performing as District wide averages Current/Upcoming Audits/Activities Dobson Student Store (Current) Graduation Rate Audit Property Management Assistance Safe Checks Current/Upcoming Audits/Activities Professional Development - Certified Fraud Examiner Clean up Audit Programs and Working Paper Review High School PTO/Booster Club (Fall 2018) Student Clubs (Fall 2018) Expenditure analysis Who is Audit Services? Who is Audit Services? Vision - Mission Vision - Mission Audit Services is committed to improving operations across Mesa Public Schools With an objective and comprehensive approach to evaluating systems and identifying opportunities, we empower and collaborate with stakeholders to create dynamic and sustainable solutions. Principals Meeting About us, external vs internal audits, audit lifecycle/process Ways we can assist schools Getting to the "WHY"!!! Reasons behind the recommendation Improved communications More discussions throughout the process Clearer communication Range of Importance Instructional Videos How do we make this happen? How Do We Make this Happen? High Positive Finding Medium Low Having an Impact! Having an Impact!! Success Stories! Bookstore Flash Audit Bookstore Flash Audit Area Assistant Superintendents requested detailed findings for each school At a Principals Meeting, Assistant Superintendent reviewed and discussed each school's findings with the group! PBIS Positive Behavioral Interventions & Support (PBIS) Strategies to support appropriate behaviors to create positive school environments. SUMMARY Noted during our first 2 bookstore audits, but not a main finding. Discussed with the Program Coordinator Created a Creative Action Plan to improve internal controls Meetings with Assoc Superintendent, Assistant Superintendent Business Services, & CFO Conclusion - Probably going to be part of the Performance Audit Report, BUT, well on our way to correct this before the audit is even issued. Bell Schedule Analysis April 2017 - Reviewed 2017-18 Proposed HS Bell Schedules and selected JHS Schedules Report reviewed by Superintendency as starting point for determining if MPS met instructional hours despite missing 6 day from teacher walk-out! Bell Schedule Analysis Innovation Innovation! Using feedback to improve CAP Corrective Action Plan Process Self Audit Tool Reviews Withdrawal, Residency and Birth Certificate information Piloted it at four schools - each took about one hour to complete Roll out in September/October 2018 Self Audit Tool Fraud Waste Abuse Hotline Possibility exists to do "in-house" Great deal of planning required protocols for collecting data responding reporting Whistleblower rights Fraud Waste-Abuse Hotline

AUDIT COMMITTEE

Transcript: AUDIT COMMITTEE Table of Content Table of Content Meet The Audit Committee Its Formation After Formation Responsibility Importance of the Audit Committee Audit Committee and External Auditors Whistle-blower Program/ Code of Conduct Conclusion Meet the Audit Committee Board Structure ASML organization structure Meet the Audit Committee Its Formation Its Formation Composition Key Attributes NEDs Qualification Financial Experts Resolution Resolution After Formation Audit Committee Charter The purpose of a board audit committee charter is to define the audit committee’s responsibilities regarding: • The identification, assessment, and management of financial risks and uncertainties • The continuous improvement of financial systems • The integrity of financial statements and financial disclosures • Compliance with legal and regulatory requirements • The qualifications, independence, and performance of independent outside auditors • The capabilities, resources, and performance of the internal audit department • The full and open communication with and among the independent accountants, management, internal auditors, counsel, employees, audit committee, and board Authorization Annual Meeting Proxy statement Example of an Audit Appointment of Chief Audit Executive Approval of Internal Audit Charter (Example) Approval of Internal Audit Plan and Budget Responsibility Importance of the Audit Committee Importance of the Audit Committee Oversight of Financial Reporting Oversight of Internal Audit Communication and Alignment Engagement with Internal Audit Navigating Regulatory Changes Audit Committee's relationship with External Auditors Audit Committee and External Auditors Increased Oversight and Independence Restrictions on Non-Audit Services Enhanced Reporting and Transparency Whistle-blower programs and codes of conduct Whistle-Blower Program SOx Mandates for Whistle-blower Programs Role of Internal Audit Disposition of Whistle-blower Matters Importance of Confidentiality Codes of Ethics Role of Internal Audit in Ethics Programs Conclusion Conclusion QUESTIONS THANKS

Audit Committee Meeting

Transcript: Audit Committee Meeting Executive Summary Engagement Target Audit Approach Issues identified: Property, Plant & Equipment Inventory Summary of unadjusted differences Outstanding matters & documentation Conclusion Audit Agenda Audit Agenda 1. Accounts Payable 2. Inventory 3. Bank and Cash 4. Audit Approach 5. Engagement Objectives Executive Summary 1. Accounts Payable 2. Inventory 3. Bank and Cash 4. Audit Approach Risk Assessment Materiality Testing 5. Engagement Objectives Obtaining sufficient appropriate evidence Reasonable assurance Providing reliable audit opinions Executive Summary Issues Identified 1. Accounts Payable 2. Bank & Cash 3. Inventory Issues Identified 1. Accounts Payable Opening Balance: Purchases: 2. Bank & Cash Transaction Valuations: Incorrect calculations of exchange rates. 3. Inventory Opening Balance: Write-offs: Valuation: Summary of Unadjusted Differences 1. Outstanding Matters Bank and Cash (1.1) Inventory(1.2) Accounts Payable(1.3) 2. Conclusion Outstanding Matters & Conclusion Inventory -1.2 No physical inspection documentation of obsolete stock. No procedure document for obsolete stock. No order/internal documentation to authorize removal of obsolete stock. Bank and Cash - 1.1 Not enough source documents to confirm certain transactions. Accounts Payable- 1.3 2. Conclusion

AUDIT COMMITTEE

Transcript: The audit committee is a committee of the board of directors responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external. REQUIREMENT: FUNCTION AUDIT COMMITTEE ARE FORMED? Recommend or consider the nomination of the external auditor. Review with the external auditors their evaluation of internal controls Review the resignation & reappointment of the external auditor. Review with the external auditors their audit plan Review with the external auditor the audited financial statement & the auditor’s report Review of the audit scope & findings of internal audit Under the Listing Requirements. Big Company ; At least 3 members with at least 1 Financial Management Expert Small Company ; At least 2 members with at least 1 Financial Management Expert At least one member of MIA or other approved accounting bodies specified in the Accountants ACT 1967 Independent non-executive director To set out the role, duties and responsibilities of the Audit Committee. To ensure that the committee is compliant with the recommendations of the report. To assist the board of director in fulfilling the accounting policies and reporting practices of the company. WHY MEMBERSHIPS o In Malaysia, a public listed company is required to set up the audit committee under section 15.10 of the Bursa Malaysia Securities Berhad Listing Requirements. o Under the listing requirement, the membership of the audit committee must not less than 3 directors and the majority of the members must be independent directors. Independent directors should not be executive director of the company. To satisfy the shareholders’ need for assurance that directors are exercising due care in the performance of their duties. Company can be more responsive to the needs of those interested in financial reporting. Their information itself is recognition of the responsibilities of the both the company and its auditor to the public investor. To reinforce auditor’s independence, from the management of the company whose financial statements are being examined by the auditor. AUDIT COMMITTEE OBJECTIVE Additional Function Roles oversight of risk management To manage relationship between external auditor & management of management. Role in oversight of regulatory compliance add logo here

Audit Committee

Transcript: BOGAWANTAWALA TEA ESTATES PLC AUDIT COMMITTEE - 26/03/2021 AUDIT'S COMPLETED FY 2020/21 AUDIT'S COMPLETED - FY 2020/21 Bogawana Surprise Audit Bogawana - Surprise Audit In order to verify the accuracy in mode of payment, I visited the pay table of Labour Wages for the month of February 2021 at Lynsted Division of Bogawan Estate on 10th March 2021. The individual payments were made to the workers by the Assistant Manager, where I observed a worker namely S Rajendran - EPF No. 9089 was collecting the balance wages of 44 Workers, amounting Rs. 305,840/- (Details are attached) When I questioned the Assistant Manager, he made me to understand this particular person used to collect other balance wages/Advances etc in the previous occasions too which will be distributed among the others workers concerned at the division itself. For furthermore, the Field Officer Mr. B. Susil Kumar also conformed same. I called this worker and questioned him why you are collecting others wages at this juncture. He replied that he was doing this for a long time and I am getting Rs. 100/- as a service charges from a worker per year (Rs. 8.33 per month). This attitude of this person S Rajendran - EPF No. 9089 is in high risk of his life. The management should have discontinued this practice of collecting colossal amount of other workers’ wages by an individual at the pay table. It would be advisable if the individual worker not in favor of collecting their balance wages/advance etc at the pay table, with their written consent such amount could be deposited at their bank accounts. In this regard, I have discussed this matter with Mr. Nalinda de Alwis, Deputy General Manager of Bogawana Estate. Bogawantalawa Surprise Audit Bogawantalawa Estate - Surprise Audit 1. General Stores – Connected books and records pertaining to the stock transaction for two months (January & February 2021). It was in order. 2. In addition, it was noted that any divisional stock at the month end had been returned to the store keeper without any official channel. It would be advisable, any items returned from the divisions should be taken into GRB and a GRN to be issued accordingly as a proof of acknowledgement. 3. However, there is no permanent storekeeper but an assistant factory officer namely Mr.R. Illankumaran temporarily attending the storekeeping. 4. Fertilizer samples – it was noted that very old ferilizer samples drawn for analytical report are lying in the stores for a considerable period. Since these samples are not relevant to any juncture, could be cleared. 5. Chemical Glyphosate – in order to ascertain the accuracy of issues, all the relevant books and records were checked for two months and observed, the issues were correctly monitored. 6. Refuse Tea Room – The roof is leaking and there is no proper celling also, noted a few junk items are kept inside the refuse tea room and as well as refuse tea had been packed in fertilizer bags which are violation of tea board instruction. To avoid any lapses, this should be attended immediately. 7. Field Diary - We were unable to ascertain the required information such as divisional stock balances, weeding rounds, utilization of chemical, Blister Blight Rounds etc not made available in the field diary. It would be advisable a printed book to be introduced for this exercise w.e.f April 2021 as these are key information. Continues.... Bogawantalawa Continuation Bogawantalawa Estate - Surprise Audit Continues.... 8. Checklist & Checkrolls – a. Whilst cross checking the names in the registered workers pocket checkrolls and cash workers pocket checkrolls for three months (i.e Janaury, February & March 2021) where I observed identical names are appearing in both checkrolls. b. In order to check the accuracy of the two names transaction, along with the Assistant Manager, Mr. N. Dilan I went to Tientsin Division to inquiry from the respective workers. c. Firstly we summoned EPF No 1207 – Thiruselvam (Assistant Manager’s Bungalow Watcher) and questioned him whether you worked on a day for two names? He replied that he was working as a Bungalow Watcher from 6.00p.m to 6.00a.m and thereafter I am looking after my cattle. d. I asked him whether you were working on cash name for the month of January and February 2021? He denied. Then I asked him how you were given names under cash work as worked? He replied no, I am not working but names are given to me which will be paid to another worker namely EPF No. 8372 Vasudevan as advised. e. Again I questioned the Field Officer, Mr. T. Mathivannan to clarify this. He totally denied and said this cash name was given by the factory staff. f. For further clarification, we went to the Tientsin Factory and questioned the factory staff Mr. M. Sri Ram and he replied that EPF no. 8372 Vasudevan is a field cash worker. Once he finished morning work in the field, he comes to the factory for work whenever necessary, since he is a cash worker, it will not possible for me to give additional name

Audit Committee Meeting

Transcript: Habib University Audit Committee Meeting Agenda of meeting Agenda Confirmation of the minutes of the last meeting held on March 25, 2022. Confirmation of the minutes To review status of follow up items from previous meeting Follow up items from previous meeting Checklist of Audit Committee Auditor’s report & Financial statements for the year ended Dec 31, 2022 Audit report & Financial Statements Audit Report Reviewed Financial Statements Financial Statements Review half year reviewed financial statements for the half year ended December 31, 2022 and recommend to BoG for approval. Statement of financial position Income and Expenditure Tution fee Expenditures Any other business

Wal-mart Audit Committee

Transcript: Oversee the integrity of the audit process, financial reporting and internal accounting controls of the Company, oversee the work of the Company’s management, global internal auditors and the Outside Auditor in these areas. Assure that the Company’s financial statements and disclosures are complete and accurate according to (“US GAAP”) and applicable rules and regulations and fairly present, in all material respects, the financial condition of the Company. The Audit Committee may form and delegate authority to subcommittees consisting of one or more members when appropriate Integrity Financial Reporting, Internal Control, Financial Statement and Reports of the company Tom Horton Former Chairman and CEO of American Airlines The Audit Committee meet not less than quarterly. Committee Chairman must be president at each meeting. Audit Committee Chairperson shall review and approve draft agenda for meetings in advance. The Audit Committee shall make regular reports to the Board. The Audit Committee shall have the authority to retain independent legal, accounting or other advisers. The Audit Committee may request any of the Company’s outside counsel or Outside Auditor to attend a meeting of the Audit Committee or to meet with any members. THANK YOU Timothy P. Flynn Retired Chairman of KPMG International Specific Functions of Audit Committee Responsible for appointment,compensation and oversight of External Auditor. Financial statement and Disclosure Discuss with company's Chief Legal matters that have impact on Financial statement. Meet annually with the Company's Chief Compliance Officer & Chief Ethics Officer regarding the implementation & effectiveness of the Company's compliance & ethics programs. Discuss with management any correspondence between the Company and governmental agencies and any associate complaints or published reports that raise material issues regarding the Company’s financial statements or accounting policies. Establish procedures for treatment of complaints received by the company regarding accounting, internal accounting controls or Auditing. Ensure that the Company has Internal Audit System. Review appointment, replacement, reassignment of Internal Auditing department and their compensation package . Evaluate Internal Auditing Department & its impact on the accounting practices,internal controls &financial reporting of the company. Communicate with management and internal auditors to obtain information concerning internal auditing and internal control and their impact on the Quality & Reliability of the company's financial statements. Review reports prepared by Internal Auditing to managers & their response. Purpose of Audit Committee By: Yomna Ehab Darwich Audit Committee Charter Committee Authority and Responsibilities He provides management development and consulting services through The Cash Catalyst, LLC, which he formed in 2009. He is a director of The Chubb Corporation, where he began serving in 1996. James has been a director of a number of public companies, including Phase Forward Incorporated from 2003 to 2009,Microsoft Corporation from 2001 to 2009. He has served on the audit committees of several public companies. James served as the senior associate dean and chairman of HBS Publishing and the chairman of the MBA Program. Pamela J. Craig Retired Chief Financial Officer of Accenture plc Compliance by company with Legal and Regulatory requirements Qualification, Independence, Performance Presented To: Dr.Mohamed Moustafa Assist the board in monitoring Review and Discuss with Management, Internal Auditor , External Auditor: Clarity of Financial disclosures made by company. Changes in US GAAP & its effect on Company's Financial Statement. Information regarding "Second Opinion" sought by management from External Auditor. Management's compliance with company's process, procedures and internal control. Effectiveness of company's and recommendation from Internal or External Auditor for improvement. Compliance Oversight Responsibilities Audit Committee Members Wal-mart Audit Committee Oversight Company's Internal Audit Function: Compensation, Nomination and Governance Committee Recommendation Joined the Board: 2006 Committees: Technology and e-Commerce, Audit and Executive Joined the board: 2013 Committee: Audit Responsibilities and Authority James I. Cash, Jr. Lead Independent Director Appointed Annually Evaluate the qualifications, performance and independence of the External Auditor. Review a report from the Outside Auditor at least annually regarding............ The provision of non-audit services according to its quality controls and independence of Outside Auditor. Oversee the rotation of the External Auditor every 5 years. Develop and review policies for the company's hiring of External Auditor. Audit Committee Membership Committee Authority and Responsibilities Tom served as chairman of American Airlines Group, Inc. from 2013 to 2014. He was chairman, president, and chief

Audit Committee 091317

Transcript: INTERNAL AUDITS Recent Projects Payroll Audit SUMMARY School Support Organization Presentation Travel Services Consulting Student Enrollment Presentation 2017-18 Projects ANNOUNCEMENTS What to expect from Audit Services for the 2017-18 year Student Enrollment-Withdrawal Audits for ~80 schools Bookstore flash audits Follow up on audit for Red Mountain Bookstore Native American Education Program Taylor Bookstore Student Activity Club Audit High School Student Store Audit HS/JSHS PTO-Booster Audit Final Review/Drafting Report Present Prelim Report Dr. Cowan for Review/Approval Issue Report and Management Letter Payroll Report Timeline Payroll Report IN DEPTH Prelim Findings Preliminary Findings Most payments appear appropriate Review of ASRS eligible wages and taxable fringe benefits needed Employees had excessive access to payroll and employee data Employee time was not always approved by their supervisor Additional review processes are needed to note potential areas of exception Manual adjustments to pay and year-to-date accumulations need review Supporting documentation not always retained Bookstore Flash Audit Bookstore Cash Controls Document Retention Segregation of Duties User Accounts EOP Process Administrative Overview Adjustments Textbook collection Consummable supplies (inventory) Refunds

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