working diligently to complete the audit within the next few weeks. The FY 24 audit will begin when the FY 23 audit is completed.
Regent Moyer asked whether VP Dunaway had a firm estimate as to when the FY 23 audit will be completed.
President Akakpo provided additional perspective regarding the FY 23 audit’s status and his conversations with CLA.
Chair Hatchett inquired whether CLA has sufficient personnel to complete the audit, asking specifically how many people have been working on the audit.
Regent Moyer queried into daily activities that were not being completed due to the amount of time and personnel required to complete the audit.
V. Internal Audit Update
This agenda item was presented by Ms. Megan Young of CBIZ, Inc. Ms. Young identified audits that have been completed to date, then provided an Enterprise Risk Management update as well as general internal audit observations. She also presented CBIZ's proposed internal audit plan for FY 24–25.
Regent Dukes inquired into the proposed IT audit review and requested that cyber security-related elements be included.
Chair Hatchett asked whether IT reviews were within the scope of CBIZ's current engagement/contract with the University.
Regent Dukes queried who formally approves the proposed audit plan, and requested that the Finance & Audit Committee be incorporated into the approval process. She also requested the results of the risk assessment conducted by CBIZ.
VI. HEERF Update
This agenda item was presented by VP Dunaway who explained that HEERF funds are about to sunset and how remaining funds will be utilized.
Regent Dukes inquired into the amount of remaining funds that had been utilized.
Chair Hatchett asked how many students had been affected by those grants.
VII. University Endowment
This agenda item was presented by VP Dunaway, who reported that the University is in the process of receiving funds from Cerity Partners. Once the funds are received, she will begin budgeting them within the E&G budget for the disbursement of the endowed chairs. VP Dunaway detailed how the funds would specifically be used and noted that October 1 is the targeted date for the first withdrawal of funds from Cerity.