Mr. Ingram Quick, Internal Auditor, gave an overview of corrective actions implemented to address significant issues identified in the 2015 A-133 Single Audit Report and management's plan to address significant issues identified in the Bursar Office audit report. Mr. Quick stated corrective action had been implemented and working effectively for two of the four significant issues identified in the 2015 Single Audit Report. These issues were related to the University not serving the minimum number of students as required by the Federal program, TRIO, and the inaccuracy of withdrawal dates used to calculate the return of Title IV funds. One issue, which was a repeat finding from the 2014 Single Audit Report, was in the process of being implemented. The repeat finding was that General ledger accounts were not reconciled on a quarterly basis. No corrective action had been taken for the other issue noted in the 2015 Single Audit Report. This issue was related to the adequacy of documentation obtained to provide assurance students were provided counseling regarding Perkins Loans. Mr. Quick stated that management informed him a plan had been developed to require periodic reconciliations of all university accounts.

Mr. Quick stated the Bursar Office provided him with their plan to address the findings in the Bursar Office audit report. Mr. Quick stated follow-up work will begin in mid-June to allow for the department to implement corrective actions and to provide the auditor with a sufficient amount of activity to review. Mr. Quick informed the Board of Regents that the results of the follow-up work will be provided to them at the July Board Meeting. Regent Barfield asked if there were any material findings noted in the report. Mr. Quick stated the findings in regard to noncompliance with the tuition and fee schedule were material as any overcharge or error to a student's account is significant. Mr. Quick reported that remedial action had been taken by management to correct inaccurate and inappropriate charges to student's accounts.

The meeting adjourned at 1:19 p.m.

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