The KPPA Audit Committee meeting covered a range of topics including GASB audits, ACFR submissions, external audit RFP updates, legal updates on information disclosure incidents and anonymous tips, and administrative updates including the internal audit budget and project statuses. There were discussions regarding investment administrative fees, investment policies, and the procurement card process. The committee also reviewed a professional article on transaction and controls monitoring. Further discussions and reviews were held regarding financial reporting updates, internal audit reports, and a professional article on improper payments as a new risk category.
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The KPPA Audit Committee meeting includes discussions on GASB 68 and GASB 75 proportionate share audits, a memorandum on the submission of fiscal year 2024 CERS and KRS Annual Comprehensive Financial Reports, and an update on the External Audit Request for Proposal (RFP). Legal updates will cover information disclosure incidents and anonymous tips. The committee will also review administrative updates such as the internal audit budget, the status of current internal audit projects, and issued reports, including reviews of investment administrative fees, investment policies, and the procurement card process.
