Minutes of the Meeting of the
Audit Committee of the Board of Trustees of the
State University of New York
June 14, 2011
Draft
______________________________________________________________________________

The Audit Committee of the Board of Trustees of the State University of New York met on June 14, 2011 at 12:38 p.m.

Committee members present: 	Chairman Hunt and Trustee Lewin

Other trustees present:	Chairman Hayden

Staff present:	Ms. Rimai, Mr. Abbott, Mr. McGrath, Ms. O’Day, Ms. Montalbano, and Mr. Thurlow

Guests Present:	Ms. Letts, Mr. Hannmann, and Mr. Kennedy of KPMG


The meeting was called to order at 12:38 by Chairman Hunt. The minutes of the March 21, 2011 and May 25, 2011 meetings of the Committee were unanimously approved. 

The first item on the agenda was a report by Monica Rimai. The Senior Vice Chancellor and Chief Operating Officer gave a report thanking the Audit Committee for its work and leadership and indicated that it has been an honor to work with the Audit Committee.

The second item on the agenda was a presentation by KPMG regarding the audit plan for the audit of the University’s 2010-11 financial statements. The auditors provided an overview of their audit approach, a list of campuses they anticipate visiting, and a timeline for completing the engagement. It is anticipated that the audit will continue throughout the summer with an anticipated date of completion of October 2011.

The third agenda item was a discussion about the New York State Inspector General’s request that SUNY not engage in an audit of matters pertaining to a former employee. In the interest of not duplicating efforts, the Committee agreed that the New York State Inspector General’s request should be honored.

The fourth item on the agenda was a review of the University Auditor’s audit plan for the 2011-12 fiscal year. The University Auditor provided an overview of the activities of the Office of the University Auditor, the development of the audit plan, and those areas identified for audit. The areas identified for audit include campus financial management practices, information security, contract procurement, campus managed capital projects, student financial aid, and campus health centers. The Audit Plan was approved by the Committee.  
 
There being no further business, the meeting was adjourned at 1:38 p.m.