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

Washburn University Board of Regents



SUBJECT: 2004-2005 Audit Reports - 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, the Board approved the recommendation to award an audit services contract to Baird, Kurtz & Dobson (BKD) to be effective June 30, 2005.



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 2005 action of the Board and in compliance with the Bylaws of the Board, BKD, LLP has completed the annual audit and issued an unqualified opinion. A draft of 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.



The independent auditor's report can be found on pages 1 and 2 of the Basic Financial Statements report. Copies of the following documents are attached.



Washburn University Basic Financial Statements for the year ended June 30, 2005;

Auditor's Management Letter.



FINANCIAL IMPLICATIONS:



None



RECOMMENDATION:



The Board of Regents Audit Committee received the reports of Berberich Trahan & Co., P.A. on October 21, 2005 and recommends the Board accept the audit.


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