Audit/MFP Committee Meeting - Thursday, July 15th - Summary

The Management and Fiscal Policy (MFP) Committee, Chaired by Councilmember Duchy Trachtenberg, met as the Audit Committee on Thursday, July 15th at 2:00 pm. Council President Nancy Floreen and Councilmember Duchy Trachtenberg attended the meeting. The Audit Committee discussed the following agenda items:

• Internal audit risk assessment and three-year work plan
• FY09 Audit of the Montgomery County Union Employees Deferred Compensation Plan

Representatives from the Executive Branch and Consultants included: Farriba Kassiri, Assistant Chief Administrative Officer; Larry Dyckman, Internal Audit Manager and Frank Spasoff, Partner at Cherry, Bekaert & Holland LLP. Independent Auditor’s Staff and Plan Representatives included: Keith Novak and Jennifer Davis, both from Clifton Gunderson, LLP and Walter E. Bader, Chair of the Montgomery County Union Employees Deferred Compensation Plan.

The first portion of the work session focused on the approach and methodology of the risk assessment and three-year work plan. It was established that the work plan is a “living document” and may evolve and or change dependent on circumstances within the County. The second portion of the work session addressed the Deferred Compensation Plan. It was determined that the Deferred Compensation Plan is in good financial shape. The Committee did address a minor issue with respect to reporting of raw data.

Please contact Laurie Mintzer Edberg, Director of Management and Fiscal Policy, at 240-777-7948 (direct dial) or laurie.edberg@montgomerycountymd.gov with any questions regarding this Audit Committee session.