audit

Chaun - Phudson

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Year 2009-10 UNIVERSITY OF MINNESOTA BOARD OF REGENTS Audit Committee September 10, 2009 A meeting of the Audit Committee of the Board of Regents was held on Thursday, September 10, 2009 at 8:15 a.m. in the East Committee Room, 600 McNamara Alumni Center. Regents present: Steven Hunter, presiding, Linda Cohen, Richard Beeson, John Frobenius, Maureen Ramirez, and Patricia Simmons. Staff present: Chancellors Charles Casey and Jacqueline Johnson; Senior Vice President and Provost Thomas Sullivan; Vice Presidents Kathryn Brown, Steve Cawley, Timothy Mulcahy, and Richard Pfutzenreuter; Executive Director Ann Cieslak; and Associate Vice Presidents Gail Klatt, Stuart Mason, and Michael Volna. Student Representatives present: Christina Brakken-Thal and Jennifer McCabe. PEER REVIEW REPORT: FOLLOW-UP Regent Hunter recalled for the committee their July 2009 discussion of the March 2009 Quality Assurance Review (Review) of the Office of Internal Audit relating to a follow-up of “essential” comments that have been issued in a formal report. Because both “essential” and “significant” comments are included in final reports, the ...

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Publié par	Chaun
Nombre de lectures	23
Langue	English

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 Year2009-10 UNIVERSITY OF MINNESOTA BOARD OF REGENTS Audit Committee September 10, 2009  Ameeting of the Audit Committee of the Board of Regents was held on Thursday, September 10, 2009 at 8:15 a.m. in the East Committee Room, 600 McNamara Alumni Center. Regents present:Steven Hunter, presiding, Linda Cohen, Richard Beeson, John Frobenius, Maureen Ramirez, and Patricia Simmons.Staff present:Chancellors Charles Casey and Jacqueline Johnson; Senior Vice President and Provost Thomas Sullivan; Vice Presidents Kathryn Brown, Steve Cawley, Timothy Mulcahy, and Richard Pfutzenreuter; Executive Director Ann Cieslak; and Associate Vice Presidents Gail Klatt, Stuart Mason, and Michael Volna. Student Representatives present:Christina Brakken-Thal and Jennifer McCabe. PEER REVIEW REPORT:FOLLOW-UP  RegentHunter recalled for the committee their July 2009 discussion of the March 2009 Quality Assurance Review (Review) of the Office of Internal Audit relating to a follow-up of “essential” comments that have been issued in a formal report.Because both “essential” and “significant” comments are included in final reports, the Review team recommended that the Office of Internal Audit follow-up on all comments included in Audit reports.Hunter indicated that due to limited staff, he supports the recommendation of Auditor Klatts to continue to follow up on essential recommendations, only.Members of the committee indicated their support for this approach. EXTERNAL AUDIT UPDATE Associate Vice President Volna introduced Don Loberg and Craig Popenhagen, Principals, LarsonAllen, to present progress on the June 30, 2009 annual external audit, as detailed in the materials distributed at the meeting and on file in the Board Office. Popenhagen discussed progress on audits of the financial statement, student financial aid, federal programs, sponsored research, information technology, and alternative investments.He noted several challenges for the 2009 audits, including: potential delays due to financial system reporting; implementation of new accounting standards; and delays or barriers in valuation testing of alternative investments. Loberg outlined a number of solutions to remain efficient and keep the audit progressing on time. Henoted the audit is progressing well and within the outlined timeframe. 31Audit Committee September 10, 2009

AMERICAN RECOVERY & REINVESTMENT ACT OF 2009 (ARRA): UNIVESITY OF MINNESOTA PREPARED TO RESPOND  VicePresident Mulcahy introduced Pamela Webb, Associate Vice President and Director, Sponsored Projects Administration, and Suzanne Paulson, Director, Sponsored Financial Reporting, to discuss the efforts the University is taking to comply with the complex requirements imposed by the American Recovery and Reinvestment Act of 2009 (ARRA) as a predicate to the receipt and expenditure of federal stimulus funds (presentation on file in the Board Office).  Webbreported that the stimulus bill includes more than $21.5 billion in research funding opportunities, with large portions going to the National Institutes for Health and the National Science Foundation.She noted that a majority of these funds must be appropriated by September 30, 2009.The approaching deadline has placed stress on University faculty to search for funding opportunities, write proposals, and respond to requests from agencies. Webb noted proposals totaling over $672 million have been submitted to date, with approximately $69 million in awards received so far.  Webbdiscussed the administrative challenges with preparing and submitting proposals, managing new audit requirements, and interpreting the detailed instructions in the ARRA requirements on how to expend funds.She noted the University is not receiving funds to cover costs of the additional administrative burden associated with the increased reporting activities; however, management has provided resources to ease some of the burden on staff.A number of initiatives have been put in place to assist faculty and staff by streamlining the process and a team of staff from various offices are addressing compliance issues.  Paulsonreported that since ARRAs awards have unprecedented reporting requirements, she discussed how the institution has responded with creation of a proposal and award designation in the Enterprise Financial System so specific data can be captured and reported.She also described how a number of peer institutions are approaching the increased reporting requirements.  Inresponse to questions from Regents Beeson and Frobenius, Mulcahy reported that the ARRA funds provide an opportunity to submit proposals in strategic areas and capture opportunities for renovation, reconstruction, or new construction. He commented that research universities such as the University of Minnesota could expect to receive a competitive fair share of the ARRA funds if quality proposals are submitted. He added that Minnesota is among the leaders in application submission.  AssociateVice President Klatt emphasized that within the ARRA there also are significant new requirements around whistle-blower reporting and obligations.She assured the committee that the administration has put systems in place to manage the additional requirements and address concerns people may have about fraud and the ARRA funds specifically. INTERNAL AUDIT UPDATE Associate Vice President Klatt presented the Internal Audit Update, as included in the docket materials.Since the last update to the Audit Committee in May 2009, 36 percent of outstanding recommendations rated as “essential” were implemented by University departments, a percentage slightly less than the expected implementation rate of 40 percent.In addition, nine units fully implemented all their remaining “essential” recommendations. 32Audit Committee September 10, 2009

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