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KENTUCKY STATE UNIVERSITY Regular Meeting of the Audit Committee Board of Regents October 26, 2012 Board Room, Academic Services Building Frankfort, Kentucky State University Regent Mindy Barfield, Presiding

Committee Agenda.....3 E1 Minutes, July 27, 2012, Meeting.....5

To: Board of Regents Audit Committee Date: October 26, 2012

From: Regent Mindy Barfield

Subject: Audit Committee Meeting Minutes July 27, 2012

Reason for Consideration: Approval Enclosure: NO

The minutes of the Audit Committee meeting of July 27, 2012, require approval in order to become an official part of the committee records.

Recommendation:

The Audit Committee approve the minutes of the July 27, 2012 meeting.

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