The committee reviewed the Financial Management Division's internal controls testing related to the SOX initiative. The Compliance Division presented an investigation summary for the fourth quarter of fiscal year 2026, highlighting cases of falsified documentation and misconduct, and outlined the 2027 work plan focused on risk assessments. Additionally, the Internal Audit Division discussed findings from a local government project oversight audit, specifically regarding monitoring and reimbursement documentation, and presented a preliminary internal audit plan for 2027 based on risk assessments covering project delivery, financial management, and IT security.
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The subcommittee meeting included an Internal Audit Division update covering management action plan follow-up status, priority levels for remediation plans, and audit reports on construction and maintenance contractor evaluations and the State Safety Oversight Program. Additionally, the Compliance Division provided a summary of investigations regarding fraud, waste, abuse, and EEO issues, alongside an action plan follow-up on outstanding items issued by the external audit section.
Mar 24, 2026·Board meeting
Audit Subcommittee Quarterly Meeting
The meeting included a presentation on Greer Building safety. The Compliance Division reported on investigation statistics, including open and closed cases categorized by allegations such as misappropriation, misuse of state resources, and workplace issues, alongside division performance metrics. The Internal Audit Division presented audits concerning Multiple Use Agreements, highlighting concerns with tracking, oversight, and inspection documentation, as well as an audit on construction change order price justifications, specifically noting issues with verbal approval documentation and pricing support. The subcommittee also reviewed internal audit performance metrics and conducted an executive session.
The meeting included a review of the Compliance Division's quarterly investigations, which involved fraud, waste, abuse, and EEO cases, along with an overview of performance metrics. The Internal Audit Division presented findings on Multiple Use Agreements, noting issues with tracking, oversight, and maintenance, as well as a report on Construction Change Order Price Justification, highlighting needs for better documentation of verbal approvals and price substantiation. An executive session was held to discuss legal and personnel matters, and the meeting concluded with a look ahead to future subcommittee scheduling.
