Audit Committee Meeting

November 5, 2004

Regents Present: Nancy Paul, Chair, Blanche Parks, Chuck Engel

Staff Present: Jerry Farley, Wanda Hill, Denise Ottinger, Rhonda Thornburgh, Tom Ellis, Chris Leach

Also Present: Brad Koehn, Jeff Hunter, Mary Lou Herring

Minutes of the October 12, 2004 meeting were approved as distributed.

FY 2003-04 Annual Audit -

Brad Koehn and Jeff Hunter, Berberich Trahan & Company P.A., distributed the draft audit. Mr. Koehn reviewed the draft, explaining it is not finished. They have just received the WEA draft audit and the Law School Foundation is currently being audited. The Washburn audit cannot be completed until these are received. He indicated the staffs are working as a team to get it completed as quickly as possible.

President Farley indicated he, Vice President Hill, or the auditors would be happy to discuss any questions the regents may have about the audit.

Regent Engel asked if it is possible to show operations prior to depreciation. Mr. Koehn indicated we are required by GASB35 to use the format in the draft.

In response to the query whether there would be a management letter, Mr. Koehn indicated there will be a management letter with two comments. One relates to work study salaries and the other has to do with strengthening the controls on athletic event records.

There were no reportable conditions or deficiencies. The auditors reviewed BKD's internal control suggestions for the University and were comfortable with the results.

Mr. Koehn indicated the final draft will not be ready for approval in time for the November board meeting. It will be distributed to the administration and to the Audit Committee when it is completed sometime in December.

Conflict of Interest Policy and Annual Disclosure Statement -

Regent Paul asked about the timeline for approval of the policies. President Farley indicated the changes to the Board policy would be made immediately and incorporated into the agenda item for the November meeting. The employee policy will take longer since we want to give employees a chance to review it prior to request for board approval. The President said we will attempt to have the employee policy ready for the March board meeting.

Regent Engel suggested several wording changes to the board policy. The committee discussed the meaning of level of business relationships and loans with preferential terms.

Each Board of Regents meeting will begin with a reminder about the conflict of interest policy so disclosures can be made of any potential conflict that may exist.

The suggested changes will be incorporated into the Board policy and disclosure statement. The revised documents will be sent to the entire board as an agenda item for the November meeting.

Annual Audit RFP and Timeline -

Vice President Hill reviewed the RFP schedule -

Issue RFP November 9, 2004

Pre-proposal Conference November 19, 2004

Proposals due 2:00 p.m. on December 10, 2004

Proposals distributed to committee members December 11, 2004

Audit Committee meeting to complete evaluations January 10, 2005

Board of Regents approval January 14, 2005

Award notification January 18, 2005

Regent Paul indicated after the proposals have been reviewed the auditing firms may be asked to come in to discuss the proposals.

Meeting was adjourned.

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