Audit Committee Meeting

February 8, 2006

Regents Present: Nancy Paul, Chair, Mayor Bill Bunten, Maggie Warren, Blanche Parks (by teleconference)

Staff Present: Jerry Farley, Wanda Hill, Al Dickes, Denise Ottinger, Tom Ellis, Ron Wasserstein, Russ Jacobs, Lee Boyd

Minutes of the October 21, 2005 meeting were approved as written.

Fiscal Year 2005-2006 Annual Audit Engagement Letter -

Regent Paul said last year Washburn signed a five-year agreement with the auditing firm of BKD, LLP. She noted we were pleased with the work of BKD and they were very timely in completing the audit. She noted the peer review letter included with the engagement letter showed no quality control issues. She asked if there were any issues or concerns about the engagement letter.

Mayor Bunten reiterated his preference for using local firms.

It was moved and seconded to prepare an agenda item for the March Regents meeting recommending approval of the BKD engagement letter. Motion carried.

Regent Paul said the auditing firm will submit a timeline for the 2005-2006 audit.

President Farley noted the auditors will be happy to meet with the Committee to discuss any concerns or questions.

Conflict of Interest Disclosure Statements -

Vice President Hill reported 109 positions were selected for filing the Annual Conflict of Interest Disclosure Statement. As of today all 109 signed disclosure statements have been received.

Dr. Lee Boyd said her disclosure statement was signed and turned in, but only under duress. She indicated she is not arguing with the principle. She sees the need for and supports having a policy but she sees problems with the current policy. Regent Warren asked if she had discussed her concerns with the administration. Dr. Boyd said her concerns had been discussed in Faculty Senate. Dr. Jacobs said others also have concerns about the policy and they will go forward to review the policy through the Faculty Senate process.

Regent Paul said the approved policy has already been through a long process with many discussions and alterations; however, she indicated the Committee will be happy to discuss suggested improvements to the policy.

Meeting was adjourned.

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