Regent Barfield called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:08 pm on July 27, 2012.

Regent Barfield-Yes Regent-Bearden-Yes Regent-Reddy-Present at 12:10 Regent-Williams-Present Quorum Established: Yes

Regent Barfield welcomed the Audit committee and introduced Mark Ferm, Internal Auditor from Tronconi Segarra & Associates.

DISCUSSION: Mr. Ferm presented an overview of the Audit Assessment which included initial risk assessment, internal audit plan; the testing of fixed assets, fraud and other areas of notation. Dr. Sias noted the large volume area of Land Grant. Regent Barfield thanked Mr. Ferm for the presentation.

Action: Motion to adjourn by Regent Bearden and seconded by Regent Williams. Meeting was adjourned at 12:29 pm

Submitted and Approved by:

___ Approved with no corrections ___ Approved with corrections

Regent Mindy Barfield, Chair Internal Audit Committee Board of Regents