Purpose and Mission
The purpose of Valley Metro’s Internal Audit activity is to serve Valley Metro and its Boards of Directors by providing independent, objective assurance and consulting services designed to add value and improve Valley Metro’s operational processes. The mission of internal audit is to assist Valley Metro in providing a safe, efficient and reliable transit network by providing risk-based and objective assurance, advice, and insight. The internal audit activity helps Valley Metro accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and internal control processes.
About the Audit and Finance Subcommittee
The Audit and Finance Subcommittee (AFS) was originally formed by Valley Metro RPTA (RPTA) Board as the Budget and Finance Subcommittee (BFS) in 2006 after the passage of Proposition 400 to provide policy oversight of the expanded financial activities of the RPTA. The RPTA and Valley Metro Rail (VMR) Boards renamed the Subcommittee to the AFS in 2016 and expanded the scope of the AFS to add oversight of internal audit functions and to oversee financial and audit functions of VMR. In September 2020, the RPTA and VMR Boards of Directors established and approved the AFS Charter which governs the work of the subcommittee; and the AFS established and approved Valley Metro’s Internal Audit Charter.