Title: Audit Committee Report and Adoption of the 2005-2006 Annual Audit Plan

Recommendation:
I recommend that the School Board adopt the 2005-2006 Annual Audit Plan.

Description:

- The proposed 2005-2006 Audit Plan was developed based on (1) input and assistance provided by staff, audit committee, and school members, (2) available resources, and (3) the "risk assessment process."  A copy of the risk assessment process is maintained in the Board Office.

- The proposed plan was presented to the School Board at the August 3, 2005 Board Workshop.

- The plan was discussed by the Audit Committee at it's August 12, 2005 meeting.  Besides performance audit, an internal audit, the proposed plan also includes an option to audit charter schools as requested by staff.

- The plan was revised and unanimously approved by the Audit Committee at it's August 12, 2005 meeting.

- As requested by the Audit Committee, three projects related to information technology were removed from the plan.  Subsequently, audit of two construction projects were added to the plan in order to utilize the audit resources in the most efficient manner.

- Revisions were made to the plan based on input provided by the Audit Committee and the School Board.

Financial Impact:

$484,615 Operating and Other Audits

$83,635 Child Care Audits (SACC)

$268,398 School Internal Fund Audits

$836,398 - TOTAL

$194,900 Outside Financial Audit (CAFR)

For Additional Information, contact:
Chiu@palmbeach.k12.fl.us and the Audit Committee

Attachments (list):
Preliminary Ideas For Audit Projects For 2005-06.doc