Every three years, OCTA’s Internal Audit Department undergoes an external quality assurance, or peer review, as part of maintaining its professional standards for the performance of government audits.
The recent review combined a positive basic report, special mention of areas of excellence and a money-saving choice for conduct of the peer review, adding up to great value for OCTA and Orange County taxpayers.
The peer review team found that OCTA’s Internal Audit Department is functioning effectively. In addition, the review pointed out that Internal Audit excels in certain areas, including comprehensive and well-executed internal quality control monitoring; policies, procedures, templates, audit programs, and working papers designed to demonstrate compliance with Generally Accepted Government Auditing Standards (GAGAS); and a highly qualified professional staff and commitment to ongoing staff education and development.
Lastly, the department’s choice for obtaining the peer review saved OCTA money. Internal audit departments may either engage an independent audit firm to have the peer review performed or participate in a peer review program of a recognized professional association. OCTA’s Internal Audit Department chose the Association of Local Government Auditors (ALGA) to perform the peer review. ALGA’s peer review program is well developed and is rotational in nature. By volunteering on peer review teams of other agencies, Internal Audit received this reciprocal peer review at minimal cost to OCTA.