B. SCOPE OF WORK The selected firm shall provide services in conformance with AICPA Consulting Standards and/or the IIA Standards of Internal Auditing. The services performed will include but is not limited to operational, financial and internal control reviews of systems, functions and programs as directed by the Santa Fe County Audit Committee and Board of County Commissioners. It is anticipated that each year an audit plan will be developed addressing any concerns from County Management, the Audit Committee, or the annual financial audit and be revisited if situations develop in any year where audit projects may be assigned outside the annual audit calendar. 1. Objectives: a) To determine whether internal controls over financial and operating data are adequate and effective to provide reasonable assurance that the financial and operating information is accurate and reliable. b) To determine whether internal controls over compliance with laws, regulations, contracts, grants, policies and procedures are adequate and effective to provide reasonable assurance that compliance actually occurs. c) To determine whether internal controls over assets are adequate to provide reasonable assurance that assets exist and are safeguarded against loss or theft. d) To determine whether controls over County operations provide reasonable assurance that County resources are used effectively and efficiently. e) To determine whether controls over operations and programs are adequate and effective to provide reasonable assurance that the operations and programs are being carried out as planned and that the results of operations are consistent with goals and objectives. 2. Deliverables: a) Perform operational reviews of key business processes to identify deficiencies and weaknesses and make appropriate recommendations for improvements. b) Perform compliance reviews to determine if established policies and procedures are being adhered to for purposes of maintaining an effective internal control environment. c) Provide recommendations based upon existing “best practice” in instances where policies, procedures and processes do not exist and/or could be improved upon. d) Assist the Board of County Commissioners as directed, to identify risks and appropriate internal controls to address those risks. e) Issue a quarterly report, as directed by the County which analyzes significant risk assessment findings, recommend changes to enhance controls and reduce identified risks, and specify timeframes for implementation of the recommendations.
