MINUTES *****

Regent Mindy Barfield, Chairperson, called the meeting of the Audit Committee of the Kentucky State University Board of Regents to order at 9:05 a.m. on July 21, 2016. Regent Barfield asked the secretary to call the roll:

Mindy Barfield Present Derrick Gilmore Present Karen Bearden Present David Guarnieri Present

A quorum was declared.

Action: Motion to approve the minutes from the July 21, 2016 Audit Committee was made by Regent Bearden and seconded by Regent Barfield. The motion was approved unanimously.

Regent Barfield recognized Mr. Quick to carry the discussion forward.

Mr. Ingram Quick, Internal Auditor, gave an overview of management's corrective actions to fourteen issues that were identified in the Bursar Office Audit. Per Mr. Quick, corrective action has been implemented for three of the issues identified, some corrective action had been implemented but not completed for ten of the issues, and corrective action had not been implemented or evaluated for one of the issues.

Mr. Quick stated follow-up testing was performed to assess the status of management's corrective actions. Based on testing, there were instances reported where cash receipts were not deposited in the bank in a timely manner. Regent Barfield stated that since she has been the Chair of the Audit Committee, the failure

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