A. CONTRACTOR shall provide direction for, supervise, coordinate, and perform internal audits, investigations, and management reviews relating to the programs and operations of FSDB with the following objectives: 1. Examine and present findings for FSDB’s determination of the adequacy and effectiveness of FSDB’s system of internal control. 2. Examine and present findings for FSDB’s determination of the adequacy and effectiveness of FSDB’s quality of performance in carrying out assigned responsibilities. 3. Examine and present finds regarding the operating effectiveness of the control environment affecting reliability and integrity of information. 4. Provide observations and recommendations on compliance with policies, plans, procedures, laws, and regulations. 5. Provide observations and recommendations on the safeguarding of assets. 6. Provide observations and recommendations on the economical and efficient use of resources. 7. Provide observations and recommendations on the accomplishment of established objectives and goals for operations and programs. B. CONTRACTOR shall perform internal auditing services at the direction of FSDB to include: 1. Attend all meetings of Audit Committee. 2. Meet with individual FSDB Board of Trustees members, FSDB Board of Trustees committees, or FSDB staff as required to answer questions about audit reports, observations, recommendations, and to discuss assignments. 3. Conduct periodic risk assessments at the direction of and based on input from FSDB staff or the FSDB Board of Trustees. 4. Prepare and submit for FSDB approval annual audit plans to include planning the audit, collecting, analyzing, interpreting, and documenting information to support audit results, communicating results to FSDB personnel, and following up with FSDB personnel to ascertain that appropriate action is taken on report audit findings.
