February 17, 2005
UNIVERSITY OF HOUSTON SYSTEM
BOARD OF REGENTS
SPECIAL CALLED AUDIT COMMITTEE
| Members Present: | Members Absent: |
|
Morrie K. Abramson, Chair
Michael J. Cemo, Vice Chair Dennis D. Golden Morgan Dunn O’Connor Thad “Bo” Smith Calvin W. Stephens |
Raul A. Gonzalez Leroy L. Hermes Lynden B. Rose |
The Audit Committee of the University of Houston System Board of Regents convened in the Forest Room at the University of Houston-Clear Lake on Thursday, February 17, 2005. Noting the presence of a quorum, Chairman Abramson called the meeting to order at12:55 p.m.
Mr. Guyton presented the following item for review by the Committee:
- Audit Committee Framework - Discussion – UH System. The regents discussed the following items:
- Charter & Checklist Provisions
- NACUBO Advisory Report: The Sarbanes-Oxley Act of 2002: Recommendations for Higher Education, November 20, 2003 and an a Gap Analysis prepared by Internal Auditor
- Institutional Compliance Items
- Risk Assessment, including non-financial items
- Audit Committee Responsibilities for Policy, Oversight and Direction
Mr. Guyton distributed numerous handouts covering these discussion items. After discussion of the Charter and Checklist, the regents agreed that there would be no changes at this time. During the discussion of the Sarbanes Oxley Gap Analysis, the regents suggested that the recommendation for Section 402 on page 9 of 13 should be amended to read:
“Board of Regents should modify their agreement with private support organizations to prevent such organizations from making personal loans or housing loans to support organization employees/directors without the board’s consent.”
A copy of all handouts is on file in the Board of Regents Office.
All documentation submitted to the Committee in support of the foregoing action items, including but not limited to “Passed” agenda items and supporting documentation presented to the Committee, is incorporated herein and made a part of these minutes for all purposes.
There being no further business to come before the committee, the meeting adjourned at 1:50 p.m.
| Others Present: |
|
Jay Gogue Don Guyton John Rudley Dona Hamilton Peggy Cervenka |
