October 31, 2022
Kentucky State University Board of Regents Kentucky State University Interim President Ronald A. Johnson 400 East Main Street Frankfort, Kentucky 40601
CBIZ Risk & Advisory Services, LLC ("CBIZ" or the "Firm") is pleased to present Kentucky State University ("KYSU" or "The University") with this Engagement Letter for advisory services to perform outsourced internal audit services. This document overviews the proposed objectives, timing, and requirements of this Engagement Letter.
Type of Service: Outsourced Internal Audit Services
Resources Needed: Internal Audit staff (all levels) and subject matter experts
Engagement Start Date: November 10, 2022
Engagement End Date: The initial term of the contract shall be November 10, 2022, through June 30, 2023. The contract shall include two (2) optional one-year renewals.
CBIZ will perform internal audit and other services related to operational, IT, and accounting/finance functions. CBIZ will serve as The University's internal auditor and will follow The University's documented process and procedures. CBIZ may be asked to perform many different duties.
The parties shall meet its responsibilities as set forth in the Terms and Conditions in this document as well as the Personal Service Contract (KSU 23-11).
Our fees for the services noted above will be billed at a blended hourly rate of $125/hr. for internal audit services. If there is a service that requires a subject matter expert, we will request approval from the Board of Regents or the Board of Regent’s designee. The approved hourly rate will be subject to the approval by the Board of Regents and the University. We agree to limit our out-of-pocket expenses to 20% of fees but will strive to limit our expenditures. Should the fees and expenses exceed the contracted amount, the parties shall seek a change in services in the manner set forth in