UNIVERSITY OF KENTUCKY BOARD OF TRUSTEES
Minutes of meeting of the Audit Subcommittee of the Finance Committee
Tuesday, June 17, 2008
Subcommittee members in attendance:
Board members in attendance:
University staff:
Invited guest:
JoEtta Y. Wickliffe, Chair Stephen P. Branscum Dermontti F. Dawson
Mira S. Ball C. Frank Shoop
Lee T. Todd, Jr., President
Frank Butler, Executive Vice President
for Finance and Administration Barbara W. Jones, General Counsel Marc Mathews, Treasurer Ronda Beck, Controller Joseph Reed, Senior Director of
Internal Audit
Mary McKinley, BKD, LLC.
Chair Wickliffe called the meeting to order at 9:00 AM.
The minutes of the January 22, 2008 meeting were reviewed and approved,
Mary McKinley, partner from BKD, UK's external auditors, reviewed the pre-audit report with the Audit Subcommittee. The report is a required communication under auditing standards and outlined the entities to be audited, the planned scope of the audit and deadlines. The key risk areas are highlighted on page 3. October 1, 2008 is the deadline for the final report. Ms. McKinley shared that the audit work has already begun and she has had many interviews already with senior management and Chair Wickliffe. The audit subcommittee may contact her at any time.
Chair Wickliffe reported to the Subcommittee that she had met privately with Ms. McKinley prior to the audit subcommittee meeting to be interviewed by Ms. McKinley as part of BKD's risk assessment procedures.