Oxnard--The Finance & Governance Committee, Tuesday, January 9, received an Accounting and Financial Risk report.
The report is part of the Internal Controls Integrated Framework, per the City of Oxnard Finance Policy, and forwards the update to the full City Council for review.
A risk assessment identifies and analyzes the City’s risks as it seeks to achieve its objectives.
The preliminary results for 2023-2024 show that control environment processes are in a stabilization period post the ERP (Enterprise Resource Program) implementation, and the updated policies and procedures reflect process changes. The preliminary results for risk assessment show that mitigation measures are in progress along with the Targeted Risk Assessment for grants, capital assets, Vendor Master Maintenance, and Purchasing Cards in 2024.
Areas of strength in control activities include the ERP system, which has internal controls embedded into the system, including segregation of duties, reviews, approvals, and readily available documents and records.
The internal controls embedded into the system for specific processes are purchasing, accounts receivable for miscellaneous revenues and general billing, the general ledger, and accounts payable.
Jennifer Hiraoka, Senior Manager of Internal Controls, presented the update, saying Oxnard adopted its internal control framework policies in December 2021, aimed at…
