The Audit Committee of the University of Houston System Board of Regents convened in the Melcher Board Room, Athletics/Alumni Center on Tuesday, February 7, 2006.  Noting the presence of a quorum, Chair Stephens called the meeting to order at 9:39 a.m.

Mr. Guyton presented the following items for information:

1. Institutional Compliance Status Report for the three Months Ended December 31, 2005 – UH System. The Institutional Compliance Status Report summarizes the information provided by each institution for their respective compliance functions.


2. External Audit Reports – UH System. The Audit Committee Charter and Checklist, item number 13, requires the Committee to review any significant findings and recommendations of the State Auditor and any employed public accounting firm.


3. Internal Audit Report – Briefing Booklet – UH System. The Internal Audit Briefing Booklet contains an Internal Audit Activity Outline and Internal Audit Reports issued since the November 1, 2005, Audit Committee Meeting of the Board of Regents.


4. Board of Regents’ Internal Audit and Institutional Compliance Policies – UH System. The Audit Committee Planner, item number 3.03, requires an annual review of the Board of Regents’ policies on Internal Audit and Institutional Compliance.


5. Governor’s Office Fraud Survey – Excerpts Related to Governing Board – UH System. All State agencies were asked by the Governor’s Office and State Office of Risk Management to complete an on-line fraud survey by January 31, 2006, as part of their Anti-Fraud Program.

Copies of all handouts are 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 10:14 a.m.