Agenda Item No. IV. B. 1. a.

Washburn University Board of Regents



SUBJECT: 2001-2002 Audit Report - Berberich Trahan & Co., P.A.



BACKGROUND:



During November 2000, an RFP was issued soliciting proposals for audits and related professional services for the fiscal year ending June 30, 2001 with the option of renewing for each of the subsequent three (3) fiscal years, which if exercised provides for audits and related professional services through June 30, 2004. At the January 10, 2001 meeting, the Board approved the recommendation to award an audit services contract to Berberich Trahan & Co., P.A. to be effective for the fiscal year ending June 30, 2001.



DESCRIPTION:



Article III, paragraph 1.d of the Bylaws of the Board of Regents states: "The Board shall arrange and supervise the annual audit of the books and securities of the University by a firm of certified public accountants. A copy of the annual audit report shall be made available to each member of the Board, the President, the Treasurer, and filed by the Secretary with the official minutes of the Board."



In accordance with the January 2001 action of the Board and in compliance with the Bylaws of the Board, Berberich Trahan & Co., P.A. has completed the annual audit and issued an unqualified opinion. The complete auditor's report can be found on page 1 of the audit report. Attached are copies of:



1. Financial Statements with Supplementary Information for the year ended June 30, 2002;

2. Auditor's Management Letter.





FINANCIAL IMPLICATIONS:



None



RECOMMENDATION:



The Board of Regents Budget and Finance Committee received the report of Berberich Trahan & Co., P.A. and recommends the Board accept the audit.



______________________________ _______________________________

Date Jerry B. Farley, President


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