天美视频 BoR: Audit Committee, Feb. 16, 2024
I. CALL TO ORDER
Chair Cox called the Audit Committee meeting to order on February 15, 2024 at 10:01
A.M. (ET). The roll was called, and a quorum was established.
Attendance
Chair Russell Cox (Present)
Vice Chair Keith Hamilton (Absent)
Mr. Chris Girdler (Absent)
Mr. Joe Heerdink (Present)
Ms. Layah Hodges (Present)
Dr. Patsy Jackson (Present)
Ms. Candace McGraw (Absent)
Mr. James Lee Stevens (Present)
Mr. Barry Martin (Present)
II. APPROVAL OF MINUTES
Regent Hodges made a motion to approve the minutes of the November 29, 2023 Audit Committee meeting. Regent Heerdink seconded the motion. The motion passed without objection.
III. INTERNAL AUDIT FOR FISCAL YEAR 2023-2024
Lane Mann and Christopher Boylan from Dean Dorton presented the findings and recommendations from the Internal Audit for fiscal year 2023-2024. Dean Dorton conducted business office audits for Madisonville Community College (MCC), Owensboro Community and Technical College (OCTC), Hopkinsville Community College (HCC) and Hazard Community and Technical College (HCTC). Dean Dorton conducted an IT audit, and also conducted a special audit on the Marketing Department.
MCC had one low risk observation related to I-9s. OCTC had no findings. HCC had no findings. HCTC had one low risk observation related to I-9s.
The Marketing audit had some limitations due to employee turnover, but strengths were identified. There was one moderate risk finding related to gifts in excess of what is allowed in policy. It was recommended that additional training be received on the policy. There was discussion about how much over the policy limit were the gifts, but Dean Dorton was unable to determine at this time.
The IT audit had some findings, Ibut Dean Dorton reiterated that almost all IT audits have findings. There was one high risk finding related to laptop encryption; two moderate findings related to the policy on laptop encryption, and missing items in the incident response plan; and two low risk findings on password requirements and user session termination.
IV. EXTERNAL AUDIT FOR FISCAL YEAR 2022-2023
Jennifer Williams and Mary McKinley from Forvis presented the External Audit for fiscal year 2022-2023. Forvis provided an unmodified 鈥渃lean鈥 opinion on financial statements. There were no significant deficiencies or material weaknesses in internal controls over financial reporting or compliance noted. GASB 96 was adopted during the fiscal year ending June 30, 2023. Forvis also presented on the Audit Committee letter.
V. STATE EXAMINATION
Most of the tasks identified in the state examination will be completed by April 2024. The RFP for a forensic audit was published with proposals due on February 29th. The RFP requested the forensic audit be completed by October 31, 2024.
VI. NEW BUSINESS
No new business was discussed.
VII. NEXT MEETING
The next meeting will be scheduled after the March 2024 Board of Regents meeting.
VIII. ADJOURNMENT
Motion made by Regent Heerdink to adjourn. Seconded by Regent Martin. Motion passed by consensus and the meeting adjourned at 11:13 A.M. (ET).