Risk Assessment Process
The Office of Internal Audit performs an annual risk assessment of BCPS operations to identify and analyze potential risks associated with key business processes so that audit resources can be focused on areas of risk to BCPS. As we continue to update our risk assessment results to develop a list of potential audits, reviews, and data analysis, we consider input from a variety of sources:
- assessments of operations and controls in previous internal and external reports.
- executive leadership that includes the Board, Audit Committee, the Superintendent and their cabinet, BCPS management and staff, as well as external auditors and agencies.
- other factors such as current events, financial conditions, and risks identified in other government audits that could emerge in BCPS.
Our office identifies and prioritizes potential audits and other projects using a risk-based approach by assessing various BCPS functions, examining information, conducting interviews of relevant personnel, and considering a variety of factors. Accordingly, risk factors are assessed through the review of multiple criteria, that include, but are not limited to:
- Significant changes within BCPS
- Time since the last audit of an area
- Complexity of department’s program or activity
- Compliance and regulations
- Management accountability
- Quality of internal control systems
- Emerging risk areas
Annual Risk Assessment Process Audit Committee Presentation 5.20.2024
Work Plans
The Office of Internal Audit’s annual work plan plays a vital role in the governance and accountability of the school system. The effectiveness of the overall governance framework of the school system is strengthened because the office is an objective and independent assurance function. Our effectiveness allows management to have greater confidence in decisions that are made related to risk and control. Our systematic and disciplined approach adds value and improves the operations of the school system.
Our risk-based audit plan will allow us to focus on audit activities that will provide recommendations to help mitigate identified risks to enhance efficiency, effectiveness, reduce costs, and improve the quality of services. Additionally, a risk-based audit plan is fluid so that emerging risks and unplanned projects that require immediate attention can be addressed.
Annually, The Office of Internal Audit submits its work plan to the Board of Education of Baltimore County and the Audit Committee for review and approval: