Dec. 10, 2007
By Joe Brennan
The Ohio University Board of Trustees Audit Committee heard from the university's auditors during a meeting Friday at the Pickerington Center.
Internal Auditor Kathryn C. Gilmore told the committee her department conducted 11 investigations and completed nine regularly scheduled audits during the fiscal year ending June 30. She also described the progress of the Financial Control Improvement Committee, a group of 14 faculty and staff members who have been asked to review and improve the university's business processes. The committee plans to survey all employees during winter quarter.
The committee also heard from representatives of Deloitte & Touche LLP, which conducts the annual external audit of the university's financial statements. The auditors' report stated that the fiscal year 2007 statements present the university's financial postion "fairly, in all material respects."
In a separate management letter, Deloitte encouraged the university to adopt a formal policy on ethics and conduct, assure that certain kinds of accounting ledger entries consistently receive sign-off by higher-ups, conduct a risk assessment and continue to focus on improving data security.