Internal Audit is an independent appraisal function established within the NFTA to examine and evaluate its activities. The Internal Audit department reports directly to the Board Audit, Governance and Finance Committee. This reporting relationship ensures departmental independence, promotes comprehensive audit coverage and assures adequate consideration of audit recommendations. Day to day administration is provided by the Executive Director.
The general responsibilities assigned to the internal auditors include evaluating, documenting and testing the NFTA's system of internal control and the reliability and operation of accounting and other reporting systems. The Internal Audit department checks for compliance with established policies, plans, procedures, governmental laws and regulations, and reviews the soundness and adequacy of the policies and procedures to accomplish their purpose at a reasonable cost. The Internal Audit department also verifies the existence of the Authority assets assuring proper safeguards are maintained, identifies opportunities for improved operational performance, coordinates the audit work with that of the external auditors, submits audit plans to the Audit, Governance and Finance Committee for review and evaluates specific programs and performs other special projects requested by management.
Specifically, Audit monitors contracts, policies and compliance issues for NFTA cost centers, and for business partners. This department also interfaces with outside agencies tasked with monitoring Authority activities.