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# KENTUCKY STATE UNIVERSITY BOARD OF REGENTS

AUDT COMMITTEE

OCTOBER 26, 2012

Regent Mindy Barfield, Chair

Regent Karen Bearden

Regent Phyllis Williams

Regent Syamala Reddy

Stephen Mason, Staff

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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

## INDEX

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

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3

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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

## AGENDA

I. Call to Order

Regent Mindy Barfield

II. Remarks from Audit Committee Chair

III. Committee Agenda

Regent Mindy Barfield

IV. Approval of Minutes, July 27, 2012

V. Adjournment

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## KENTUCKY STATE UNIVERSITY BOARD OF REGENTS AGENDA ITEM BACKGROUND


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td colspan="2">To: Board of Regents
Audit Committee</td><td style='text-align: center; word-wrap: break-word;'>Date: October
26, 2012</td></tr><tr><td colspan="2">From: Regent Mindy Barfield</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td colspan="2">Subject: Audit Committee Meeting Minutes
July 27, 2012</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Reason for Consideration:</td><td style='text-align: center; word-wrap: break-word;'>Approval</td><td style='text-align: center; word-wrap: break-word;'>Enclosure: NO</td></tr></table>

## Background:

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.


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>Initiator:</td><td style='text-align: center; word-wrap: break-word;'>Regent Mindy Barfield</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Board Action Date:</td><td style='text-align: center; word-wrap: break-word;'>October 26, 2012</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>October 26, 2012</td></tr></table>

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# Board of Regents Audit Committee 12:08 pm, July 27, 2012 Frankfort, Kentucky

# MINUTES

## Call to Order

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.

## Roll Call

Regent Barfield-Yes

Regent-Bearden-Yes

Regent-Reddy-Present at 12:10

Regent-Williams-Present

Quorum Established: Yes

## Opening Remarks

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.

### VII. Adjournment

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

Submitted and Approved by:

Regent Mindy Barfield, Chair

Internal Audit Committee

Board of Regents

___ Approved with no corrections

___ Approved with corrections