AUDIT - Agenda 3 - Strategic Planning -Final

MINNESOTA STATE COLLEGES AND UNIVERSITIES BOARD OF TRUSTEES Agenda Item Summary Sheet Committee: Audit Committee Date of Meeting: January 20, 2004 Agenda Item: Plan to Contract with Certified Public Accounting Firms and the Legislative Auditor for Fiscal Year 2005 Audits Proposed Approvals Other Monitoring x Policy Change Required by Approvals Policy Information Cite policy requirement, or explain why item is on the Board agenda: Board Policy 1A.2 part 5 subpart E, requires the Audit Committee to oversee the work of external auditors. Scheduled Presenter(s): John Asmussen, Executive Director, Office of Internal Auditing Laura King, Chief Financial Officer Outline of Key Points/Policy Issues: ? Recommendations about strategy for external audit plans. Background Information: ? In December 2003, the Board of Trustees directed the Vice Chancellor – CFO and Executive Director of Internal Auditing to valuate the strategy objectives, capacity and cost effectiveness of conducting additional financial statement audits. BOARD OF TRUSTEES MINNESOTA STATE COLLEGES AND UNIVERSITIES BOARD ACTION PLAN TO CONTRACT WITH CERTIFIED PUBLIC ACCOUNTING FIRMS AND THE LEGISLATIVE AUDITOR FOR FISCAL YEAR 2005 AUDITS BACKGROUND In December 2003, the Board of Trustees directed the Executive Director of Internal Auditing and the Vice Chancellor – CFO to evaluate the strategy ...