to make deposits in a timely manner has been an issue and a repeat audit finding. She further stated that follow-up testing revealed a four day lapse between when the funds were collected in the Bursar Office and when the funds were deposited in the bank. Regent McFayden commented that this has been a continued problem, “Why can’t we get it right”. Regent Gilmore commented on the procedures, policies and best practices. Mr. Quick stated based on conversations with the Bursar Office, this issue may be due to a lack of resources and the time at which the Bursar Office closes. Mr. Quick further explained that management is exploring the option of purchasing a cash recycler from Fifth Third Bank. This would electronically deposit the cash receipts real-time.
Mr. Quick submitted the Audit Plan for FY2017 for the Office of Internal Audit which outlined the activities where internal audit resources will be dedicated.
Action: Motion to approve the Audit Plan for FY2017 for the Office of Internal Audit was made by Regent Bearden and seconded by Regent Henry. The motion was approved unanimously.
Regent Barfield distributed a copy of the job description for the Internal Auditor to the committee for review. She also stated changes to the Charter for the Office for Internal Audit will be sent to the committee at a later date for discussion at the October 2016 Board of Regents meeting.
III. Adjournment
Motion for the adjournment of the Audit Committee was made by Regent Bearden and seconded by Regent Henry. The meeting adjourned at 9:25 a.m.
Submitted by: ___ Approved by: ___
The quick brown fox jumps over the lazy dog.
Ingram Quick, Internal Auditor Regent Mindy Barfield, ChairpersonAudit Committee
___ Approved with no corrections
___ Approved with correction
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