Agenda Item No. IV. B. 2. a.

Washburn University Board of Regents



SUBJECT: 2005-2006 Audit Services - BKD, LLP



BACKGROUND:



On November 9, 2004, a Request for Proposal was issued soliciting proposals from firms capable of providing annual audit and related professional services for Washburn University for the fiscal year ending June 30, 2005 with the option of renewing for each of the subsequent four (4) fiscal years, which if exercised, provides for audits and related professional services through June 30, 2009. At the January 14, 2005 meeting, the Board approved the recommendation to award an audit services contract to Baird, Kurtz & Dobson (BKD) to be effective June 30, 2005.



DESCRIPTION:



The annual audit report for the year ended June 30, 2005 was presented to the Board of Regents Audit Committee at its meeting of October 21, 2005, and upon recommendation of the Audit Committee, the audit report was accepted by the Board of Regents at its meeting of November 11, 2005.



By letter dated January 26, 2006 to the Audit Committee of the Board of Regents and Vice President Hill, BKD wishes to confirm the arrangements of its engagement and the nature of services to be provided to Washburn University for the annual audit to be conducted for the year ended June 30, 2006. This letter was reviewed and accepted by the Audit Committee at its meeting of February 8, 2006



FINANCIAL IMPLICATIONS:



Expenditures for the FY 06 audit ($64,900) will be paid in FY 07 when incurred, except for preliminary field work conducted prior to June 30; therefore, no additional resources are required.



RECOMMENDATION:



The Board of Regents Audit Committee reviewed and approved the engagement letter dated January 26, 2006 from BKD, LLP and recommends the Board approve the audit services proposed by BKD, LLP for the annual audit to be conducted for the year ended June 30, 2006.



_____________________ _________________________

Date Jerry B. Farley, President


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