Regent Bearden called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:00 pm on January 28, 2011.

Regent Barfield-Present Regent-Bearden-Present Regent-Williams-Present Regent-Reddy-No Dr. Ralph Kimbrough-Present Quorum Established: Yes

Regent Barfield presented the minutes of the October 22, 2010 Audit Committee meeting.

IV. Approval of Minutes

Action: Motion to approve the minutes from the October 22, 2010 Audit Committee meeting was made by Regent Bearden and seconded by Regent Williams. The motion passed.

Dr. Kimbrough reported on the audit activity for the past quarter. He stated that he had completed one audit and issued a draft report on another audit. Dr. Kimbrough stated that he had completed a student fees audit with the Bursar's Office. In addition to this audit, the internal auditor initiated a review of the A-133 findings in the audit report that had been issued by the external audit firm, Crowe Horwath during their audit of KSU's 2009-2010 fiscal year. Although some findings were made during the review of the A-133 audit findings, most of these findings had been resolved by the administration of KSU.

Dr. Kimbrough then discussed some of the general training that he had attended or will be attending. He stated that he is moving toward obtaining his CPA license for Kentucky. He currently is licensed as a Florida CPA. Dr. Kimbrough also stated that he was working toward certification in control self-assessment.

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