Oxnard-- The Finance and Governance Committee, Tuesday, October 25, passed the City’s Targeted Risk Assessment Plan and what to look forward to as a City.
The report outlines the City’s plan for a Targeted Risk Assessment for the fiscal year 2023.
A Risk Assessment identifies and analyzes risks facing the City while it seeks to achieve its objectives and provides the basis for prioritizing and developing appropriate internal controls that eliminate and reduce risks related to accounting and financial reporting.
Internal Controls Senior Manager Jennifer Hiraoka presented the video, which is part of the Accounted Controls Integrated Framework, and she recommended the committee forward it to the City Council.
The City completed adopting the Internal Controls Integrated Policies in December 2021, designed to improve the City’s overall control and operating environment.
“Policy 1.05, City Council’s risk assessment responsibilities, established that the City Council ensures that risk assessments are performed,” she said.
She noted that the Finance & Governance Committee received training from its independent financial auditor, Eadie & Payne, in internal control compliance and risk assessment management in September and November of 2021.
“The City’s Annual Audit for the Fiscal Year 2014-2015 produced an audit finding that two types…
