FY 2012 Operating Budget and FY 2013-2017 Financial ... - Septa

Audit and Investigative Services
EXPENSES
Amounts in Thousands (‘000)
Net Material
Labor & Services Total
Internal Audit $ 808 $ 14 $ 822
Office of the Inspector General 319 28 347
TOTAL $ 1,127 $ 42 $ 1,169
INTERNAL AUDIT
Principal Responsibilities
Internal Audit is an independent, objective internal review and consulting activity
designed to add value and improve the organization’s operations. It provides a
systematic, disciplined approach to evaluate financial risk/exposure and improve the
effectiveness of risk management, internal control and governance processes.
Internal Audit conducts financial, compliance and operational audits of departments
within the Authority. The department is also responsible for the review of cost proposals
and audits of cost reimbursement contracts and change order/claims. Additionally,
Internal Audit provides a wide range of internal consulting support to departments upon
request. The Department is comprised of Internal Audit, Information Technology and
Contract Audit sections.
Internal Audit - Internal Audit is responsible for reviewing all areas within the
Authority by performing formal audits of an entire process or independent reviews of
a particular activity or account balance.
Information Technology - is a specialized sub-unit of Internal Audit that is
responsible for reviewing new and existing computer applications, access security
and hardware. Independent data extracts and reporting support are also generated
for Internal Audit and other divisions.
Contract Audit - Contract Audit is responsible for auditing or reviewing third-party
cost data in accordance with Authority’s policies and federal requirements. The work
includes reviews of pre-contract cost proposals and audits of actual costs incurred on
cost-plus-fixed-fee contracts. In addition, Contract Audit performs audits or reviews of
cost documentation in support of change orders and claims.
SEPTA Fiscal Year 2012 Operating Budget 79