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Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

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<strong>June</strong> <strong>22</strong>-<strong>23</strong>, <strong>2004</strong> 29193President Boren recommended a distribution from the Estate <strong>of</strong> Aaron Alexander bedesignated as a quasi-endowment fund within the Regents’ Fund. The fund shall be titled the“Aaron Alexander Pr<strong>of</strong>essorship in Civil Engineering.”Regent Everest moved approval <strong>of</strong> the recommendation. The following voted yes onthe motion: Regents Everest, Clark, Stuart, Weitzenh<strong>of</strong>fer and Wade. The Chair declared themotion unanimously approved.ANNUAL AUDIT PLAN FOR <strong>2004</strong>-2005 - THE UNIVERSITY OF OKLAHOMAFollowing practices within the auditing industry and standards <strong>of</strong> the Institute <strong>of</strong>Internal Auditors, Internal Auditing has developed an audit plan using a risk-based auditapproach. As part <strong>of</strong> the risk-based approach, risk factors have been discussed with Universitymanagement, and internal and external data were compiled in a risk matrix to develop a riskbasedaudit plan. Based upon the analysis performed and the internal audit resources available, itis believed the current audit plan addresses the higher risk areas within the University.The detailed Audit Plan for FY 2005 has been discussed with the Finance and AuditCommittee and includes 33 audits out <strong>of</strong> a total Audit Universe <strong>of</strong> 156 audits. This providesaudit coverage <strong>of</strong> 21% for fiscal year <strong>2004</strong>-2005. Any proposed changes to the plan will bediscussed with the Finance and Audit Committee.Special projects and post-audit reviews will be performed when necessary. Internalaudits may be performed on an unannounced basis.President Boren recommended the Board <strong>of</strong> Regents approve the annual audit planfor <strong>2004</strong>-2005.Regent Clark moved approval <strong>of</strong> the recommendation. The following voted yes onthe motion: Regents Everest, Clark, Stuart, Weitzenh<strong>of</strong>fer and Wade. The Chair declared themotion unanimously approved.REGENTS' FUND QUARTERLY FINANCIAL REPORTThis summary report is provided in accordance with University <strong>of</strong> Oklahoma Board<strong>of</strong> Regents’ policy. The summary highlights all <strong>of</strong> the financial activity within the Regents’Fund during the nine months ended March 31, <strong>2004</strong>. The detailed information upon which theattached financial highlights are based was distributed separately to the Regents prior to the <strong>June</strong>meeting and is attached hereto as Exhibit H.REGENTS’ FUNDQUARTERLY FINANCIAL REPORTMarch 31, <strong>2004</strong>EXECUTIVE SUMMARYHighlights from the Regents’ Fund Quarterly Financial Report for the nine months

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