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Board of Regents
Audit Committee
Tuesday, December 2, 2008; *7:30 a.m. 9:00 a.m.
Room 204 Butrovich Building
University of Alaska Fairbanks
Fairbanks, Alaska
*Times for meetings are subject to modifications within the December 1-2, 2008 timeframe.
Committee Members:
Timothy Brady, Committee Chair Michael Snowden
Patricia Jacobson Mary K. Hughes, Board Chair
I. Call to Order
II. Adoption of Agenda
MOTION
"The Audit Committee adopts the agenda as presented.
I. Call to Order
II. Adoption of Agenda
III. Executive Sessions
A. Executive Session with Internal Audit Director
B. Executive Session with External Auditors
IV. Ongoing Issues
A. External Auditor Comments
B. Internal Audit Status Report
C. Recently Completed Audit Reports
D. Education Trust FY08 Audit Status
V. New Business
VI. Future Agenda Items
VII. Adjourn
This motion is effective December 2, 2008."
III. Executive Sessions
A. Executive Session with Internal Audit Director
MOTION
"The Audit Committee of the Board of Regents goes into executive session at _________ Alaska Time in accordance with the provisions of AS 44.62.310 to discuss matters the immediate knowledge of which would have an adverse effect on the finances of the university related to audit matters. The session will include members of the Board of Regents, Internal Audit Director Pittman, General Counsel Brunner, and such other university staff members as the Audit Chair may designate and will last approximately ____ hour(s). Thus, the open session of the Audit Committee of the Board of Regents will resume in this room at approximately ____ Alaska Time. This motion is effective December 2, 2008."
(To be announced at the conclusion of executive session)
The Audit Committee of the Board of Regents concluded an executive session at ______ Alaska Time in accordance with AS 44.62.310 discussing matters the immediate knowledge of which would have an adverse effect on the finances of the university and which would affect the reputation or character of a person or persons. The session included members of the Board of Regents, Internal Audit Director Pittman, General Counsel Brunner, and other university staff designated by the chair of the chair and lasted approximately ____ hour(s).
B. Executive Session with External Auditors
MOTION
"The Audit Committee of the Board of Regents goes into executive session at _________ Alaska Time in accordance with the provisions of AS 44.62.310 to discuss matters the immediate knowledge of which would have an adverse effect on the finances of the university related to audit matters. The session will include members of the Board of Regents, External Auditors Daniel Rozema and Daniel Mitchell, General Counsel Brunner, and such other university staff members as the Audit Chair may designate and will last approximately ____ hour(s). Thus, the open session of the Audit Committee of the Board of Regents will resume in this room at approximately ____ Alaska Time. This motion is effective December 2, 2008."
(To be announced at the conclusion of executive session)
The Audit Committee of the Board of Regents concluded an executive session at ______ Alaska Time in accordance with AS 44.62.310 discussing matters the immediate knowledge of which would have an adverse effect on the finances of the university and which would affect the reputation or character of a person or persons. The session included members of the Board of Regents, External Auditors Rozema and Mitchell, General Counsel Brunner, and other university staff designated by the chair of the chair and lasted approximately ____ hour(s).
IV. Ongoing Issues
A. External Auditor Comments
Daniel Rozema, KPMG Partner, will discuss with the Finance and Audit Committee, audit matters and answer any questions the committee may have regarding the University of Alaska, the UA Foundation, and the Consolidated Endowment Fund audits.
This is an information item, no action is necessary.
B. Internal Audit Status Report Reference 14
Nichole Pittman, director of Internal Audit, will review with the Audit Committee, the Audit Status Report found in Reference 14 and answer any questions the committee may have.
This is an information item; no action is necessary.
C. Recently Completed Audit Reports
Nichole Pittman, director of Internal Audit, will review with the Audit Committee, recently completed audit reports and answer any questions the committee may have.
D. Education Trust of Alaska FY08 Audit Status Reference 15
Jim Lynch, associate vice president for Finance, will review with the Audit Committee, the status of the Education Trust of Alaska FY08 audit and answer any questions the committee may have.
This is an information item: no action is necessary.
V. New Business
VI. Future Agenda Items
VII. Adjourn
Agenda
Audit Committee
December 2, 2008
Fairbanks, Alaska
Audit Committee Agenda: Page PAGE 3 of NUMPAGES 3
Audit Committee Agenda: Page PAGE 1 of NUMPAGES 3
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