Financial Oversight Committee:
The purpose of the Financial Oversight Committee (FOC) is to provide oversight on treasury operations, deliver leadership and independence over the monitoring, review and audit of the County’s business activities; and provide oversight that helps to further ensure accountability and transparency over the budgetary and tax distribution processes to further demonstrate good stewardship of public resources. The Division of Internal Audit provides an update to the FOC on a quarterly basis. The FOC participates and has oversight involved with the following internal audit activities:
- Review the results of the countywide risk assessments and consider the effectiveness of the internal control system to mitigate identified risks;
- In concert with the Chief Financial Officer (CFO), review the scope and effectiveness of internal audit activity, approve the Internal Audit Charter, participate in the appointment and removal of the Internal Audit Manager, and participation in the performance evaluation of the Internal Audit Manager; and
- Ensures that timely monitoring, and the resolution of audit findings and recommendations are performed.
Yolo County Audit Sub-Committee:
The County established an Audit Sub-Committee (Committee) that consist of elected officials to further ensure independence around the internal audit functions. The internal audit functions are
designed to include timely reporting of significant issues to appropriate oversight authorities. The
Committee’s members consist of the two board members that also serve on the Financial Oversight
Committee. The Committee serves as an advisory to the full Board of Supervisors. The Committee
will help to ensure that the internal audit division is independent of management. Specific responsibilities of the Committee vary depending on the form of review, type of reporting requirements, or the matter under consideration. The Committee has authority to request a review be conducted and/or authorize investigations into any matter within its scope of responsibility. It is specifically empowered to appoint and oversee the work of the public accounting firm employed by the County to perform the annual audit, and to resolve disagreements between management and the auditing firm regarding any audit findings or recommendations.
The Board of Supervisors approved and adopted the Internal Audit Charter establishes the responsibilities, reporting lines, and protocols of the Internal Audit Division; it establishes the County’s objective and provides for uninhibited and complete discretion to fulfill its objective, with procedural remedies to remediate obstacles and issues. The Charter also delineates the reporting lines of the Division of Internal Audit, the roles and approval of the Financial Oversight Committee (FOC), and Audit Sub-Committee, and acceptance by the Internal Audit Manager.