According to Dr. Kimbrough, control self-assessment relates to how organizations should approach risks and how to address these risks. Many of the precepts of this certification can trace their origins to the recommendations and dictates of the Committee of Sponsoring Organizations of the Treadway Commission and federal laws such as Sarbanes-Oxley (SOX).
Dr. Kimbrough stated that he continued to make recommendations for changes in the audit plan in order to respond to new found risks. He is currently reviewing KSU's Online teaching program and the Credit for Life Experiences program. The purchasing card program is moving forward and it is anticipated that an audit of this area will be done in May. Finally, Dr. Kimbrough said that he is looking forward to working with the new external audit firm.
Regent Bearden then asked a question regarding drop and adds. Dr. Chapman answered this question. Next, Regent Barfield mentioned the need to be kept apprised on the status of university efforts on outstanding items (financial) as found by the external auditors that had not been resolved by KSU's administration. Dr. Sias agreed. A motion was then made to adjourn.
Action: Motion to adjourn by Regent Bearden and seconded by Regent Williams
Meeting was adjourned at 12:23 pm
Submitted by:
Approved by:
Dr. Ralph Kimbrough
Director of Internal Audit
Kentucky State University
___ Approved with no corrections ___ Approved with corrections Regent Mindy Barfield, Chair
Regent Mindy Barfield, Chair
Internal Audit Committee
Board of Regents
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