December 2, 2013
Board of Regents
Board of Regents Kentucky State University Frankfort, Kentucky
This letter is to inform the Board of Regents of Kentucky State University (the University) about significant matters related to the conduct of the annual audit so that it can appropriately discharge its oversight responsibility, and we can comply with our professional responsibilities.
The following summarizes various matters that must be communicated to you under auditing standards generally accepted in the United States of America.
The Respective Responsibilities of the Auditor and Management
Our responsibility under auditing standards generally accepted in the United States of America has been described in our arrangement letter dated April 10, 2013. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities, which are also described in that letter.
Overview of the Planned Scope and Timing of the Financial Statement Audit
We have issued a separate communication dated April 19, 2013 regarding the planned scope and timing of our audit and have discussed with you our identification of and planned audit response to significant risks of material misstatement.
Significant Accounting Practices, Including Policies, Estimates and Disclosures
We have previously discussed with you our views about the qualitative aspects of the University's significant accounting practices, including accounting policies, accounting estimates and financial statement disclosures. The following is a list of the matters, including the significant estimates, which you may wish to monitor for your oversight responsibilities of the financial reporting process:
106 W. Vine Street, Suite 600 • Lexington, KY 40507 • 859-255-2341 phone • 859-255-0125 fax 500 W. Jefferson Street, Suite 1400 • Louisville, KY 40202 • 502-589-6050 phone • 502-581-9016 fax
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