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## Kentucky State University Board of Regents Meeting

Audit Committee

April 26, 2013

Regent Mindy Barfield, Chairperson

Regent Karen Bearden

Regent Syamala Reddy

Regent Phyllis Williams

Dr. Joel Thierstein, Staff

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# KENTUCKY STATE UNIVERSITY Regular Meeting of the Board of Regents Audit Committee April 26, 2013 12:00 Noon rd Room – Academic Services Building

## AGENDA

I. Call to Order

II. Roll Call

Regent Mindy Barfield, Chairperson

III. Opening Remarks

Sonia Sanders,

Regent Mindy Barfield

IV. Approval of Minutes

• October 26, 2012 Minutes

• January 25, 2013 Minutes

Regent Mindy Barfield



V. Report

VI. Discussion

Mark Ferm, Internal Auditor

VII. Adjournment

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## Agenda Item Background


<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents Audit Committee</td><td style='text-align: center; word-wrap: break-word;'>Date: April 26, 2013</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Regent Mindy Barfield, Chairperson Audit Committee</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>October 26, 2012 Committee Minutes</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;'>Enclosures: Yes</td></tr></table>

## Background:

The minutes of the Audit Committee meeting for October 26, 2012, require approval in order to become an official part of the committee records.

## Recommendation:

It is recommended that the Audit Committee approve the minutes of the October 26, 2012 meeting.

<div style="text-align: center;">Approval</div>



<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;'>April 26, 2013</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>April 26, 2013</td></tr></table>

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# Audit Committee April 26, 2013 12:00 Noon Board Room – Academic Services Building

## MINUTES

Call to Order

Regent Barfield called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:21 pm on October 26, 2012

## Roll Call

Regent Barfield-Yes

Regent-Bearden-Yes

Regent-Reddy-Yes

Regent-Williams-Yes

Quorum Established: Yes

## Opening Remarks

Regent Barfield welcomed the Audit committee and Mark Ferm, Internal Auditor from Tronconi Segarra & Associates.

DISCUSSION: Mr. Ferm presented a brief overview of the continued work of the internal auditors. Regent Barfield opened the floor for questions. Hearing none, Regent Barfield thanked Mr. Ferm for their work and continued commitment to KSU.

### VII. Adjournment

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

Submitted and Approved by:

Regent Mindy Barfield, Chair

Internal Audit Committee

Board of Regents

___ Approved with no corrections

___ Approved with corrections

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# Audit Committee April 26, 2013 12:00 Noon Board Room – Academic Services Building

<div style="text-align: center;">Agenda Item Background</div>



<table border=1 style='margin: auto; word-wrap: break-word;'><tr><td style='text-align: center; word-wrap: break-word;'>To:</td><td style='text-align: center; word-wrap: break-word;'>Board of Regents Audit Committee</td><td style='text-align: center; word-wrap: break-word;'>Date: April 26, 2013</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>From:</td><td style='text-align: center; word-wrap: break-word;'>Regent Mindy Barfield, Chairperson Audit Committee</td><td style='text-align: center; word-wrap: break-word;'></td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Subject:</td><td style='text-align: center; word-wrap: break-word;'>January 25, 2013 Committee Minutes</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;'>Enclosures: Yes</td></tr></table>

## Background:

The minutes of the Audit Committee meeting for January 25, 2013, require approval in order to become an official part of the committee records.

## Recommendation:

It is recommended that the Audit Committee approve the minutes of the January 25, 2013 meeting.

<div style="text-align: center;">Approval</div>



<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;'>April 26, 2013</td></tr><tr><td style='text-align: center; word-wrap: break-word;'>Effective Date:</td><td style='text-align: center; word-wrap: break-word;'>April 26, 2013</td></tr></table>

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# Audit Committee April 26, 2013 12:00 Noon Board Room – Academic Services Building

## MINUTES

## Call to Order

Regent Barfield called the meeting of the Kentucky State University Board of Regents Audit Committee to order at 12:01 on January 25, 2013

## Roll Call

Regent Barfield-Yes

Regent-Bearden-Yes

Regent-Reddy-Absent

Regent-Williams-Absent

Quorum Established: - No

## Opening Remarks

Regent Barfield welcomed the Audit committee members and introduced Mark Ferm Internal Auditor from Tronconi Segarra & Associates. Regent Barfield noted that the October 26, 2012 minutes will be approved at the next Audit Committee meeting.

DISCUSSION: Mr. Ferm presented an overview of the Audit Assessment which included the continuation of the internal audit plan. Mr. Ferm explained that the team looked to be on schedule. Regent Barfield thanked Mr. Ferm for the presentation and their continued efforts to complete the audit in a timely manner.

### VII. Adjournment

Action: Motion to adjourn by Regent Bearden and seconded by Regent Barfield. Meeting was adjourned at 12:14 pm

Submitted by:

Approved by:

Regent Mindy Barfield, Chair

Internal Audit Committee

Board of Regents

Regent Mindy Barfield, Chair

Internal Audit Committee

Board of Regents

___ Approved with no corrections

___ Approved with corrections