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OKAY. GOOD AFTERNOON BUENAS TARDES TODAY'S AUDIT COMMITTEE MEETING IS NOW CALLED TO ORDER AS A SPECIAL RIGHT.

[CALL TO ORDER]

[00:00:08]

WE DON'T HAVE A QUORUM. I TOLD YOU I MESSED THAT UP.

THIS MEETING OF THE BOARD'S AUDIT COMMITTEE IS NOW CALLED TO ORDER FOR THE PURPOSE AS STATED IN THE DULY POSTED MEETING.

NOTICE THE TIME IS 12:02 P.M..

COMMITTEE MEMBERS PRESENT IN THE BOARD AUDITORIUM ARE TRUSTEE CRUZ, TRUSTEE WADE, AND OUR COMMUNITY MEMBER ON THE COMMITTEE, LIZ LOGAN.

DO WE HAVE ANY BOARD MEMBERS OVER ZOOM? NO, DO I HAVE A MOTION TO ACCEPT THE MINUTES OF THE AUDIT COMMITTEE MEETING HELD ON JANUARY 26TH, 2023.

[CONSIDERATION AND APPROVAL OF MINUTES FROM PREVIOUS MEETINGS]

SO MOVED, WADE. I SECOND.

WE HAVE A MOTION BY TTRUSTEE WADE AND A SECOND BY TRUSTEE DEIGAARD.

PLEASE VOTE.

MY SCREEN'S NOT WORKING, BUT I'M A YES.

YEAH, IT'S NOT RESULTS ARE THREE FOR, THREE IN FAVOR.

MOTION PASSES.

AT THIS TIME, THE AUDIT COMMITTEE WILL ADJOURN INTO CLOSED SESSION IN THE BOARD'S SERVICES CONFERENCE ROOM UNDER CHAPTER 551 OF TEXAS GOVERNMENT CODE OPEN MEETINGS ACT

[CLOSED SESSION]

SUBSECTIONS 551.004, 551.071, 551.072, 551.073, 551.

.074, 551.076, 551.082, 551.0821, 551.083, 551.084, AND 551.089. SHOULD BOARD FINAL ACTION, VOTE OR DECISION ON ANY MATTER CONSIDERED IN THE CLOSED SESSION BE REQUIRED.

SUCH FINAL ACTION, VOTE OR DECISION SHALL BE TAKEN AT THE OPEN MEETING COVERED BY THIS NOTICE UPON THE RECONVENING OF THIS PUBLIC MEETING OR AT A SUBSEQUENT PUBLIC MEETING OF THE BOARD UPON NOTICE THEREOF.

THE COMMITTEE HAS ADJOURNED TO CLOSE SESSION AT 12:03 P.M..

THE AUDIT COMMITTEE HAS NOW RECONVENED IN OPEN SESSION AT 12:54 P.M.

SO THERE ARE TWO SHORT THINGS FOR US TO GET SOME CLARITY ON AND THE FIRST IS WHEN CHANGES COME UP TO THE AUDIT PLAN IN THE MIDDLE OF THE CYCLE.

SO WE SET A PLAN AT THE BEGINNING.

WE SET A PLAN LAST FALL.

IT'S AN 18 MONTH PLAN.

IF THERE ARE CHANGES THAT NEED TO BE MADE, MID-CYCLE, HOW WE WANT TO HANDLE THOSE CHANGES.

AND THEN THE SECOND THING WE NEED TO REACH CONSENSUS ON IS THE FLEXIBILITY OF THE QUARTERS THAT HAVE BEEN OUTLINED IN THE EXISTING PLAN.

SO, MS. CORRIGAN, IF YOU.

MS. CORRIGAN, THANK YOU FOR BEING HERE AND SUPPORTING THIS WORK.

I HAVE INCREDIBLE AMOUNT OF CONFIDENCE IN WHERE WE'RE AT AS AN AUDIT FUNCTION FOR OUR DISTRICT.

SO THANK YOU. SO IF YOU WOULD SHARE WITH THE COMMITTEE WHAT YOUR CONCERNS AND QUESTIONS AND MAYBE POSSIBLE SOLUTIONS MIGHT BE AROUND THOSE TWO AREAS FOR A JUMPING OFF POINT FOR THE CONVERSATION.

SURE. THANK YOU.

SO WE HAVE AN 18 MONTH AUDIT PLAN.

BUT AS OTHER AUDITS COME UP, I WANTED TO SEE WHAT THE PROCESS WOULD BE FOR EITHER TO JUST DISCUSSING REPLACING AUDITS THAT ARE ALREADY ON THE 18 MONTH PLAN.

I KNOW WE HAVE A LITTLE BIT OF FLEXIBILITY IN OUR IN OUR BUDGET, BUT WANTED TO GET YOUR PERSPECTIVE ON THAT PROCESS.

SO I'M GOING TO CHIME IN REALLY FAST HERE.

I THINK THE MOST IMPORTANT THING WHEN THOSE CHANGES COME FORWARD IS LOOKING AT WHERE THEY ARE ON THE HIERARCHY OF RISK.

RIGHT. AND WHAT WHAT HOW WHAT ADJUSTMENTS WOULD YOU NEED TO MAKE TO THE EXISTING PLAN AND ENSURING THAT WE'RE NOT TAKING THINGS OFF THAT ARE AT A HIGHER RISK OF THE THING THAT WE'RE ADDING? RIGHT, RIGHT.

ANYBODY ELSE WANT TO CHIME IN ON THAT? BUT WHAT I THINK I MIGHT BE HEARING IN YOUR QUESTION AS WELL IS SHOULD THIS BE SOMETHING THAT COMES TO THE COMMITTEE AND OR BOARD TO FORMALLY MAKE THAT ADJUSTMENT.

AND THIS IS MY OPINION.

I'D LIKE TO HEAR FROM MY COLLEAGUES.

MY OPINION WOULD BE THAT THAT KIND OF ADJUSTMENT, UNLESS IT IS AN URGENT EMERGENCY, BE BROUGHT TO THE COMMITTEE AND THEN THE COMMITTEE MAKE THAT RECOMMENDATION TO THE BOARD,

[00:05:01]

JUST LIKE WE MAKE THE RECOMMENDATION OF THE AUDIT PLAN TO BEGIN WITH.

THOUGHTS FROM MY COLLEAGUES, PLEASE.

I AGREE AS WELL.

OKAY, SO BRING THAT ON.

ADD THAT TO THE ALREADY SCHEDULED AUDIT COMMITTEE AS IT COMES UP.

YES. AND IF SOMETHING COMES UP THAT WE NEED TO SCHEDULE AN AUDIT COMMITTEE MEETING TO DISCUSS IT, THAT'S YOU DON'T HAVE TO WAIT FOR THE NEXT ONE IF YOU DON'T THINK IT CAN WAIT.

OKAY. THANK YOU.

I WONDER. IT MAY MAKE SENSE TO HAVE THAT BE A STANDING AGENDA ITEM JUST AS YOU'RE WORKING THROUGH THIS 18 MONTH.

THE MIC.

PARTICULARLY AS WE'RE WORKING THROUGH THIS 18 MONTH PLAN.

THE OTHER THE OTHER THING THAT MIGHT MAKE SENSE, TERESA, IS TO HAVE YOU LOOK AT THE 18 MONTH PLAN AND DO A TRUE UP FOR, YOU KNOW, SO WE HAD IT IN PLACE. WE APPROVED IT.

BUT NOW THAT YOU'RE IN THE SEAT, DO A TRUE UP AND SEE FROM THE QUARTER'S PERSPECTIVE DOES IT MAKE SENSE OR WHAT CHANGES WOULD YOU RECOMMEND AND MAYBE HAVE THAT BE PRESENTED IN NEXT IN THE NEXT AUDIT COMMITTEE TO KIND OF DO A RESET OF.

YES, I WOULD LIKE THAT.

YEAH. SOUNDS GREAT.

THANK YOU. RIGHT.

BECAUSE I'LL BE LOOKING AT WHAT QUARTERS WERE ALREADY, YOU KNOW, ALREADY MENTIONED BEFORE AND I WANT I NEED TO WORK WITH THE END USERS, THE DEPARTMENTS, AND MAKE SURE THAT THAT'S STILL APPROPRIATE NOW THAT, YOU KNOW, IT'S ALREADY INTO FEBRUARY.

TRUSTEE CRUZ. AND I THINK HER SECOND PART OF THE QUESTION WAS LIKE HOW DO WE MAKE ADJUSTMENTS TO WHAT GETS DONE IN WHAT QUARTER? I WOULD JUST SAY AS LONG AS WE ARE GETTING UPDATED ON THOSE ADJUSTMENTS, IT DOESN'T NECESSARILY NEED APPROVAL, AS LONG AS THERE'S UPDATES ON THOSE ADJUSTMENTS AND HOW THE WORK IS STILL MOVING FORWARD, MAKES SENSE TO ME.

WE CAN PUT IN THE DUE DILIGENCE TO MAKE SURE THAT THIS AUDIT PLAN IS ALIGNED TO THE BDO RISK ASSESSMENT.

AND THE FUNDAMENTAL EXPECTATION IS THAT THOSE IDENTIFIED RISKS IN THE PLAN ARE APPROPRIATELY AUDITED.

BUT IT'S UNDERSTANDABLE THAT THERE MAY NEED TO BE ADJUSTMENTS IN TIMING AND THAT THERE COULD BE THINGS THAT WOULD ARISE IN THE MIDDLE OF THE CYCLE THAT WERE THAT WOULD PRECIPITATE A REVISIT.

AND I THINK THAT'S AN EXCELLENT SUGGESTION.

THANK YOU, LIZ OR MS. LOGAN, FOR FOR OFFERING THAT UP.

WE'LL JUST MAKE THIS A STANDING ITEM ON COMMITTEE AGENDAS WHEN WE'RE DISCUSSING THIS, THE STATUS OF PROGRESS ON THE AUDIT PLAN, AND THEN ANY ADJUSTMENTS THAT MAY NEED TO BE MADE AND.

I LIKE THAT. OKAY.

GREAT. THANK YOU. I'M GOING TO HAVE TO STOP HERE.

YES. THE WAY WE HAVE IT POSTED IS FOR ETHICS AND COMPLIANCE UPDATE, NOT AN AUDIT.

OH, OKAY. SO SORRY.

WE HAVE TO STOP CONVERSATION ON AT THAT POINT.

OKAY. AND THEN AT THE NEXT AUDIT MEETING, WE COULD PICK THIS UP.

OKAY. THANK YOU. SORRY.

THANK YOU. THANK YOU.

SO, OUR NEXT AUDIT COMMITTEE MEETING.

I CAN SAY THIS, RIGHT? YES. OKAY. TONIGHT ON THE AGENDA IS THE APPOINTMENT OF THE 2023 AUDIT COMMITTEE.

AND SO AFTER THAT VOTE, WE CAN SET THE NEXT COMMITTEE MEETING.

THAT MY RECOMMENDATION WOULD BE, UNLESS YOU ALL DISAGREE, IS TO TO SCHEDULE THAT WITHIN THE NEXT FEW END OF FEBRUARY, BEGINNING OF MARCH, CERTAINLY BEFORE SPRING BREAK. BUT I THINK AS BEST WE CAN WITHIN THE NEXT TWO WEEKS.

OKAY, GREAT.

ALL RIGHT. THANK YOU ALL.

THANK YOU. WITH NO FURTHER BUSINESS TO DISCUSS, THIS MEETING OF THE AUDIT COMMITTEE IS NOW ADJOURNED AT 1:01 P.M..

* This transcript was compiled from uncorrected Closed Captioning.