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Conducting Audit Risk Assessments at the Washington Metropolitan Area Transit Authority Office Of Inspector General

Conducting Audit Risk Assessments at the Washington Metropolitan Area Transit Authority Office Of Inspector General. Prepared by Leon Langford, Senior Auditor. Sixth Biennial National Fraud Awareness Conference on Transportation Infrastructure Programs July 27, 2010 Arlington, Virginia.

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Conducting Audit Risk Assessments at the Washington Metropolitan Area Transit Authority Office Of Inspector General

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  1. Conducting Audit Risk Assessments at the Washington Metropolitan Area Transit AuthorityOffice Of Inspector General Prepared by Leon Langford, Senior Auditor Sixth Biennial National Fraud Awareness Conferenceon Transportation Infrastructure ProgramsJuly 27, 2010 Arlington, Virginia

  2. Washington Metropolitan Area Transit Authority (WMATA) Today’s presentation is about the risk assessment performed in the Department of Bus Services (BUSV).

  3. Definition of Risk • The chance of something happening that will have an impact on the organization’s objectives.

  4. Risk Areas in WMATAEleven risk areas were identified: • Finance • Revenue • Procurement • Safety/Security • Benefits • Capital program management • Legal and regulatory • Information Technology • Communications • Service delivery • Human resources

  5. Risk Areas in WMATA • BUSV fell under the Service Delivery risk area. • Due to limited resources the OIG chose two departments within the 11 risk areas to perform risk assessments: • Department of Bus Services (BUSV). • Department of Information Technology (IT). • The remaining risk areas will be performed in the future.

  6. Why the BUSV Risk Assessment was Performed • BUSV has an operating budget of $500 million. (The BUSV budget represents 37 percent of the total WMATA budget.) • BUSV has 3,893 employees (BUSV employees represent 37 percent of the workforce.) • No recent assessment of the susceptibility of BUSV to waste, fraud and mismanagement. • The results will be used in planning the annual OIG audit plan.

  7. How the BUSV Risk Assessment was Performed • OIG identified the assessable units in BUSV. • Questionnaires were sent to managers of the assessable units. • Managers in the assessable units performed self-assessments. • The OIG evaluated the questionnaire results, conducted interviews with BUSV managers, reviewed previously issued reports, and met as a team to share knowledge about BUSV.

  8. How the BUSV Risk Assessment Was Performed • The OIG used a risk level metric to rate the assessable units based on the “threat likelihood” and impact to WMATA.

  9. Results of BUSV Risk Assessment • Five BUSV units were identified as “high risk” and critical to daily operations. • BUSV management was briefed on the results of the risk assessment. • The OIG identified high risk areas that are included in our work plan. • A Corrective Action Plan could be implemented to deal with identified risks.

  10. Results of BUSV Risk Assessment • The OIG will conduct an audit of the BUSV Quality Assurance Program.

  11. Questions?????

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