During this period, Internal Audit participated in several activities, which included the following.

The Internal Auditor completed the Investment and Journal Entry audit and made some corresponding recommendations. In addition to this, the Internal Auditor met with staff members who monitor KSU's Endowment and led discussions on efficiency and internal control issues. Also, internal audit performed an audit of the Land Grant Programs. This review concentrated on the administration of federal, state, and private grants that were related with the Land Grant Programs. Surprise visits were made to small farm assistants or FDM agents or Aquaculture agents who work at the several extension research offices of the different counties in the State of Kentucky. Although the audit of the Land Grants Programs had been substantially completed by December 19, 2008, the Internal Auditor was waiting for the audit client's responses before issuing the final audit report. This final report should be completed by January 12, 2009. Finally, the planning process for initiating a new audit of the Student Financial Aid area was initiated. This review should be concluded by March 2009.

The Internal Auditor participated in one seminar titled “Embedding ERM [Enterprise Risk Management] into the Internal Audit Plan.” This seminar had been sponsored by the Central Kentucky Chapter of the Institute of Internal Auditors. In addition to this seminar, the Internal Auditor attended a seminar titled, “Ethics and Values Statements” that was sponsored by the Louisville Chapter of the Institute of Internal Auditors. Dr. Kimbrough finished reading Better Ethics Now by Dr. Christopher Bauer who was the speaker at the Louisville seminar.

Also, Dr. Kimbrough is preparing to teach “Managerial Accounting” for Kentucky State University this Spring term.

The Internal Auditor made recommendations to improve the operations of the university in the areas of investments, journal entry processing, and grant processing for the Land Grant Programs.

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