Purpose The Authority requests proposals from qualified individuals and firms interested in providing internal audit functionsfor the Authority in accordance with professional auditing standards. The internal audit function will be performed to: 1. Evaluate the reliability and integrity of management information and the means used to identify, measure, classify and report such information. 2. Evaluating the systems established to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on the organization and its operations. 3. Evaluate the means of safeguarding assets, as appropriate, verifying the existence of such assets, and determining how effectively and efficiently they are used. 4. Review Authority programs to assess their effectiveness in meeting their objectives. Objective The internal audit should be conducted in accordance with requirements either mandated by the State or adopted by the Board. Audits will evaluate areas based on results of the updated risk assessment of the Authority and its Component Units developed as part of this engagement. The objectives of this engagement are: • Annual testing and evaluation of one or more areas of the Authority’s auditable areas, taking into account risk, control weaknesses, size, and complexity of operations; • Preparation of reports which summarize audit findings, recommend changes for strengthening internal controls and reducing identified risks, and specify time frames for implementation of such recommendations; and • Annual review and update of the risk assessment in 2026-2028.
