Regents Audit Committee hears reports from Internal Audit

By Staff

The Regents Audit Committee on Sept. 13 met via Zoom, receiving quarterly and annual reports from Internal Audit, and advancing the committee’s plans for the current fiscal year.

Presentations also included a quarterly review of financial statements and a status report of external audits and reviews.

During her reports, Agnessa Vartanova, associate vice president and chief audit executive, said compliance officers at system administration and the campuses recently completed a review of the CU Code of Conduct (Administrative Policy Statement 2027), which states the university’s commitment to upholding the highest ethical, professional and legal standards. The review considered legal sufficiency, content applicability, relevance and presentation, as well as opportunities for educating the CU community. An upcoming education campaign will include a series of stories appearing in CU Connections.

Also noted: For the first time, CU hosted the Pacific Northwest Higher Education Internal Audit Conference, which drew 80 participants representing 18 institutions.

Kathleen Sutherland, senior advisory manager, gave the quarterly report on the CU EthicsLine, which enables members of the university community to anonymously report suspected violations of law, or serious or recurring violations of policy.

The committee voted to approve its work plan for the coming year, advancing it to the full Board of Regents for approval. The committee also approved the year’s Internal Audit Oversight Authorizations and Responsibilities Matrix.

The Regents Audit Committee’s primary purpose is to assist the Board of Regents in fulfilling its oversight responsibilities for (1) the integrity of the university’s financial statements; (2) the adequacy of the university’s internal control structure; (3) identifying significant risks or exposures facing the university; and (4) the qualifications, independence, and performance of the university’s internal and external auditors.

The committee’s next meeting is scheduled for Dec. 13 at 1800 Grant St.