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September 19, 2019 at 1:30 PM - Audit Committee

Call to Order
Roll Call/Declaration of Quorum
Action Items
Action Items
A. Internal Audit Salaries and Budget FY 2020
Background Information:  In accordance with the Audit Committee Charter, the salaries for staff in the Office of Internal Audit are to be reviewed and approved by the Audit Committee.   Additionally, International Professional Practices Framework promulgated by the Institute of Internal Auditors, Standard 2020, requires the board to review and approve the resources of the Office of Internal Audit.  For this reason, the budget for the Office of Internal Audit is included in this agenda item.
Description:  Proposed Implementation Date: N/A

Item Details:  N/A
B. FY2020 Internal Audit Plan
Background Information:  The Office of Internal Audit prepares an annual Audit Plan at the beginning of each fiscal year.  The plan is based on the staffing and time resources available to perform audits and is prepared in conjunction with an annual risk analysis of the university’s auditable areas. 

During the year, changes in audit priorities may result in alterations to the plan.  The International Standards for the Professional Practice of Internal Auditing, issued by the Institute of Internal Auditors (IIA), requires the Audit Committee to approve the audit plan and any significant changes to the plan.
Description:  Proposed Implementation Date: Immediately

Item Details:  N/A
Information Items
Information Items
A. FY2019 Year-End Report
Background Information:  The Audit Committee charter requires the Audit Committee to provide oversight on internal audit activities, which includes reviewing the results of the year’s work.  The Internal Audit Year End Report for FY2019 follows this transmittal letter.  This report contains summary information of internal audit activities for the year.
Description:  Proposed Implementation Date: N/A

Item Details:  N/A
B. Internal Audit Reports released between May 11, 2019 and August 26, 2019, with list of outstanding recommendations
Background Information:  A list of internal audits completed between May 11, 2019 and August 26, 2019 are included below.  The audit reports follow this transmittal page.
  1. Review of Allegations Regarding the Cheer Team, issued May 16, 2019
  2. Review of Loss of Music Equipment, issued June 21, 2019
  3. Review of Student Assistance Fund and Academic Enhancement Fund, issued July 30, 2019           
With all recommendations included in audit reports, management must identify what actions will be taken, who is responsible for that action and provide an expected date of completion.  After the expected completion date has passed, Internal Audit will perform a follow-up review to determine what action was taken and if that action adequately addresses the issue in the report.  Internal Audit generally does not issue reports for follow-up reviews; however, we do maintain a list of outstanding audit recommendations, which is also included after this transmittal.
Description:  Proposed Implementation Date: N/A

Item Details:  N/A

C. External Audit Reports released between May 11, 2019 and August 26, 2019
Background Information:  Occasionally, the university is subjected to audits by external parties.  The most common is the annual financial statement audit performed by the Comptroller of the Treasury.  The Audit Committee Charter states the committee is responsible for understanding the scope of work conducted by external auditors, review the results of the external audits and meet with the external auditors as needed.

A list of external audits completed between May 11, 2019 and August 26, 2019 are described below.  Copies of the actual reports are available upon request. 
  1. The Department of Environment and Conservation (TDEC) conducted a desk review of the university TDEC related grants.  The scope of the review included two grants related to Wetland Study and one related to Clean TN Energy for the period of January 1, 2016 to March 31, 2019.  The purpose of the review was to ensure the university’s compliance with the related agreements, as well as federal and state rules and regulations.  The review did not identify any deficiencies, in fact the review commended university staff for their accurate record keeping.
  2. The Tennessee Higher Education Committee conducted a U.S. Department of Veteran’s Affairs (VA) Education Compliance Survey.  The survey reviewed thirty-five VA student records for various compliance issues.  The survey discovered two discrepancies:
    1. One VA student was not charged a mandatory $75.00 "new student fee".
    2. One VA student terminated enrollment, which was not reported to the VA.
Description:  Proposed Implementation Date: N/A

Item Details:  N/A
Executive Session (if needed)
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