Audit & Risk Management

Audit and Risk Management committee action shall be required for:

• Receipt and review of the university’s annual financial report.
• Receipt and review of all outside audit reports and management letters addressing the system of internal accounting controls.
• Receipt and review of specific internal audit reports.
• Assessing recommendations in all audit reports and evaluating the risk associated with conditions cited, versus the cost to implement recommended changes.
• Making recommendations to the full board regarding actions to be taken in response to findings in audit reports.
• Meeting at least annually with outside independent auditors.
• Receiving information on all contacts with state and federal auditors, including the internal revenue service.
• Reviewing changes in university accounting principles or reporting procedures that would have a major impact on the university’s reported financial condition.
• Reviewing changes in university conflicts, conduct and ethics, and compliance policies.
• Receipt and review of pending litigation.

Committee members:

• Chair: J. Phillip Holloman
• Vice Chair: Jill T. McGruder
• Members: Michelle Gillis, Steve Boymel
• Liason: Christine Ackerman

* These are Audit and Risk Management Committee Conferences and as such are exempt from the Open Meetings Requirement as noted in ORC -121.22 Public Meetings - Exceptions:  "(2) An audit conference conducted by the auditor of state or independent certified public accountants with officials of the public office that is the subject of the audit"