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AND, THE NEXT MEETING IS GOING TO BE THE AUDIT COMMITTEE MEETING.[1. Roll Call - Announcement of a Quorum]
LET'S DO IT IS IN ACCORDANCE WITH CHAPTER 551 OF THE TEXAS OPEN MEETINGS ACT I CALL TO ORDER THE AUDIT COMMITTEE MEETING OF THE BOARD OF TRUSTEES OF DALLAS COLLEGE FOR SEPTEMBERÂ 14TH, 2021.MEMBERS OF THE PUBLIC WHO HAVE FOLLOWED THE INSTRUCTIONS ON THE DALLAS COLLEGE BOARD OF TRUSTEES'S WEBSITE FOR REGISTERING TO SPEAK WILL BEGIN IN 5 MINUTES TO SPEAK.
>> THE BOARD OF TRUSTEES MEETING IS BEING BROADCAST.
AUDIO VEND TRANSCRIPT ARE BEING MADE AND WILL BE AVAILABLE TO THE PUBLIC ON THE BOARDS WEBSITE AFTER THE MEETING AT A LATER DATE.
CHANCELLOR, CAN YOU PLEASE CONFIRM THIS MEETING HAS BEEN POSTED ACCORDING TO THE
[2. Certification of Notice Posted for the Meeting]
LAW.THIS MEETS SR. GOING ACCORDING TO TEXAS CODE.
>> AGAIN, WE HAVE NO CITIZENS DESIRING TO SPEAK.
>> LET'S GO WITH THE INTERNAL AUDIT REPORT 4TH QUARTER ENDING AUGUST 31ST.
[4.1. Internal Audit Report - 4th Quarter Ending August 30, 2021 Presenter: Lori Cox]
>> I'M SURE, Y'ALL HAVE FIGURED OUT.
IT'S NICE TO SEE EVERYONE IN-PERSON.
SO, I'M GOING TO COVER BRIEFLY ENGAGEMENT UPDATES AND TALK ABOUT THE ENGAGEMENT PLAN FOR THE CURRENT FISCAL YEAR AND BRIEFLY TOUCH ON SOME UPDATES TO OUR ENHANCEMENT PLAN THAT I'VE BEEN REPORTING TO YOU THE PAST FEW MONTHS.
SO, FIRST STARTING WITH SOME ENGAGEMENT [INDISCERNIBLE] >>
[INDISCERNIBLE] >> PROCUREMENT, WE'VE COMPLETED THAT REVIEW OF REPORTING IS IN PROGRESS.
WE'RE REVIEWING CONTRACT PROCESSING AND DOING AN ANALYSIS OF THAT, TRANS ACTIONS, SPEND, PROCESS CYCLE TIMES, AND WE FOUND MANY OPPORTUNITIES TO [INDISCERNIBLE] WILL BE HE REPORTING THAT TO THE DEPARTMENT AND PROCUREMENT IS AN AREA IN OUR PLAN THIS FISCAL YEAR AND WE'LL DO IT A LITTLE DIFFERENTLY.
FOR ASSETS, THAT HAS ALSO BEEN COMPLETED.
>> I DON'T THINK YOU COULD SEE THE SCREEN.
WE MAY NEED TO RESHUFFLE HERE JUST A LITTLE BIT.
DO WE HAVE THESE ON OUR COMPUTERS?
DO WE? OKAY, I COULDN'T FIND MINE.
>> SO, IT IS ON OUR COMPUTERS THERE UNDER THE.
SORRY, GO AHEAD, I JUST WANTED TO BE SURE THAT EVERYBODY CAN SEE THE PRESENTATION.
>> FIXED ASSETS, THAT'S ALSO COMPLETED AND THE REPORTING IS IN PROCESS, WE LOOKED AT THE PROCESS FOR REPORTING FIXED ASSETS, ACCOUNTING VALUATION AND DISPOSAL, WE FOUND THERE'S STRENGTHENING NEEDED THERE.
AGAIN, WE WILL REPORT THIS TO THE DEPARTMENT AND THEN ENSURE THE REPORT WITH THE BOARD.
>> DID YOU FIND WHEN YOU LOOKED INTO FIXED ASSETS, DID WE GO THROUGH THE PROCESS OF -- WERE ALL THE ASSETS IN THE NAME OF THE DISTRICT TO START WITH, OR WERE THEY IN THE NAME OF THE COLLEGES? WHAT HAVE WE DONE AS FAR AS MAKING ALL OF OUR FIXED ASSETS BE REPORTED UNDER DALLAS COLLEGE OR ARE WE GOING TO?
>> AS FAR AS I CAN TELL THEY'RE ALL UNDER THE NAME OF THE COLLEGE AND THEY WERE ALL REPORTED THAT WAY AND WILL BE REPORTED THAT WAY ON THE FINANCIAL STATEMENTS.
>> NO, I'M SORRY, DALLAS COLLEGE.
>> NONE OF THE COLLEGES EVER HAD SEPARATE LEGAL EXISTENCE, IT WAS ONLY THE DALLAS COLLEGE DISTRICT.
ALL OF THE ASSETS WOULD HAVE BEEN NAMED UNDER THE DISTRICT.
>> I WOULD PROBABLY SAY THE BIGGEST CHALLENGE WE'LL HAVE IS BECAUSE WHEN WE WENT REMOTE WE HAD TO MOVE A LOT OF EQUIPMENT TO PEOPLE'S HOMES AND THIS SORT OF THING AND THAT WENT ON FOR MONTHS AS WE WERE GETTING FOLKS WITH THE ABILITY TO OPERATE THEN, AS FOLKS TRANSITIONED OUT IN SOME CASES WE HAD TO COLLECT
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ALL THAT BACK AND IT MAY NOT HAVE COME BACK TO THE SAME LOCATION.SO, I KNOW THIS IS GOING TO BE A MUCH MORE OF A CHALLENGE THAN IT'S BEEN IN THE PAST TO GET A COUNT OF EVERYTHING JUST BECAUSE IT WAS MOVING AROUND IN WAYS THAT WE NEVER ENVISIONED, FRANKLY, WITH SYSTEM.
>> AND THAT'S IN MANY AREAS, PERSONNEL, STAFF CHANGES, PROCESSES CHANGE, SO, WE'RE GOING TO BE LOOKING AT FIXED ASSETS ON A MORE CONTINUOUS BASIS WHICH I'LL EXPLAIN ALSO WHEN I GET TO THE AUDIT PLAN.
RICHLAND COLLEGIATE HIGH SCHOOL REVIEWED, WITH ATTENDANCE, WE FOUND NO EXCEPTIONS THERE, THAT HAS BEEN REPORTED AND THAT REPORT HAS BEEN SHARED WITH THE BOARD.
THE AUTO MOTIVE PROGRAM, WE PLAN TO DO A FOLLOWUP WITH THAT AREA, WE'RE DOING MORE OF A CONSULTING ENGAGEMENT.
THERE HAVE BEEN SIGNIFICANT STRUCTURE TURNOVER, THERE ARE NEW DEPARTMENT CHAIRS AND LAB MANAGERS.
SO WE'RE GOING TO WORK WITH THEM ON HELPING THEM TO DEVELOP AND IMPLEMENT THE PROCESSES AND PROCEDURES TO BE ON THE FRONT-END OF THAT.
WORK DAY, OUR IMPLEMENTATION ASSISTANCE IS ON GOING.
WE HAVE FOUND NO EXCEPTIONS TO DATE WITH THE PROJECT.
WE DID A FOLLOW UPTHAT HAS BEEN COMPLETED.
WE JUST REPORTED WE JUST COMPLETED THAT REPORT.
WE'RE AWAITING FOR RESPONSE UPON THAT ONCE WE GET THE RESPONSE, WE'LL ADD THAT TO THE REPORT.
>> THE ISSUE OF NON-FACULTY TEACHING DURING THE DAY WHICH WOULD BE THE NORMAL WORK HOURS THAT WE'RE THERE.
WE HAVE HAD ISSUES FOR YEARS, THE BOARD HAS A PROCEDURE THAT WE HAD AT ONE TIME, BUT THE 450 FOLKS TEACHING CLASSES DURING THE DAY, THAT NUMBER, SO, WE THE INTENT WAS THAT WE WOULD NO LONGER PAY DURING THE DAY AND THAT WE WOULD THEN STILL SUPPORT OUR FULL-TIME FOLKS WHO WANTED TO TEACH ON AFTER WORK HOURS BUT NOT ADJUSTING THEIR DAYTIME WORK HOURS.
I WILL SAY THAT THE TRANSITION HAS SLOWED US DOWN A BIT IN TERMS OF WHAT WE WANTED DO THERE AND SO AS WE MOVE FORWARD, I THINK WE'LL GET OUR ARMS AROUND THAT BETTER.
BUT THE IDEA OF BEING IS THAT IF YOU THINK NOW WE'RE DOWN SIZING THE OPERATIONS, SO, IF A PERSON -- IF A CAREER COACH IS SUPPOSED T BE DOING THAT DURING THE DAY, THEN WE NEED HIM DOING THAT NOT TEACHING CLASSES AND COVERING ELSEWHERE THAT WE REALLY NEED PEOPLE IN THE ROLES THAT WE HIRED THEM TO FILL.
AND I THINK, LAST WEEK, WE HAD SOME NUMBER HIGHER THAN I WOULD HAVE LIKED OF ADMINISTRATORS STILL HAVING TO TEACH TO COVER CLASSES BECAUSE OF THEIR EXPERTISE, THE SOLUTION THERE IS TO HIRE MORE FACULTY, AND DO THAT BUT WE NEED THEM DOING THEIR JOBS DURING THE DAY NOT ENGAGED IN TEACHING.
>>> THE EXTERNAL AUDITOR ASSISTANCE, THAT'S IN PROCESS, WE ASSIST THE EXTERNAL AUDITORS, AND THAT HAS JUST STARTED AND WE ANTICIPATE THAT WILL LAST THROUGH THE FIRST QUARTER.
THAT SPECIAL INVESTIGATION SINCE THE LAST REPORT, WE'VE HAD TWO SPECIAL INVESTIGATIONS RELATING RESPONSES ON ONE AND ONE IS IN THE REPORTING PROCESS AS WELL.
>> AND THE LAST, IS OUR FRAUD HOTLINE SINCE JANUARY WE'VE HAD 10 REPORTS OVER THE FRAUD HOTLINE, SEVERAL HAVE JUST BEEN QUESTIONS WE HAVE ANSWERED TO BE RELATED TO FINANCIAL AID.
WE DIDN'T FIND ANY INCIDENTS OF FRAUD OR ABUSE THAT WERE SUBSTANTIATED.
[4.2. Internal Audit Engagement Plan and Risk Assessment - Fiscal Year 2021-2022 Presenter: Lori Cox]
>> NEXT AREA IS OUR AUDIT PLAN AND RISK ASSESSMENT.
AND THIS WILL BE A HIGH LEVEL OVERVIEW.
YOU HAVE THE COMPLETE REPORT AND AUDIT PLAN AND RISK ASSESSMENT IN YOUR PACKET.
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BUT THE AUDIT PLAN AND RISK ASSESSMENT, WE FOLLOWED A 5-STEP PROCESS, THE FIRST PART WAS IDENTIFYING THE OBJECTIVES.AND THIS IS BASED ON THE BOARD'S STRATEGIC PRIORITIES AND ALSO THE OBJECTIVES OF THE INTERNAL AUDIT DEPARTMENT TO EVALUATE AND HELP IMPROVE RISK MANAGEMENT, CONTROL AND GOVERNANCE AND LOOK AT EFFECTIVENESS AND EFFICIENCY OF OPERATIONS.
THE NEXT STEP IS TO IDENTIFY RISKS AFTER WEFY OBJECTIVES.
WE INTERVIEWED SENIOR LEADERSHIP AND WE MADE THE SENIOR LEVEL LEADERSHIP THE BOARD OF TRUSTEES AND ALSO REVIEWED OTHER SOURCES OF INFORMATION.
WE LOOKED AT RISK RELATED TO HIGHER EDUCATION IN GENERAL AND ALSO RISKS THAT OTHER ORGANIZATIONS AND BUSINESSES ARE FACING AND ALSO WE LOOKED AT THE TOPICS OF OTHER INTERNAL AUDIT PLANS FROM OTHER ORGANIZATIONS TO SEE WHAT THEY WERE FOCUSSING ON AS WELL.
FROM THERE, WE ENTERED INTO A PROCESS OF MEASURING THE RISK.
SO, WE IDENTIFIED THE TOP RISKS PRESENTED ON SURVEYS AND INTERVIEWS, AND WE WRITE THOSE BASED ON IMPACT AND PROBABILITY AND VELOCITY.
THE IMPACT WOULD BE AN IMPACT IF WE WOULD HAVE A NEGATIVE AUDIT, WHAT WOULD THE IMPACT BE? IT COULD BE FINES AND PENALTIES OR ADVERSE PUBLICITY.
AND THE LIKELIHOOD, BASED ON PAST AUDIT REPORTS AND THINGS GOING ON IN THE INDUSTRY AND MANAGEMENT.
AND THE VELOCITY IS THE SPEED OF THAT RISK.
AND THE EASIEST AREA FOR AN EXAMPLE OF THAT WOULD BE CYBER SECURITY.
THE SPEED OF THE RISK IN CYBER SECURITY ARE RAPID.
WE TOOK ALL OF THOSE FACTORS INTO CONSIDERATION.
AND THEN WE PRIORITIZED THOSE AND DEVELOPED A PLAN.
WE'RE LOOKING AT A PLAN, THERE ARE OTHER CONSIDERATIONS THAT WE LOOKED AT IN BUILDING THE PLAN.
THINGS THEY WERE WERE OVERLAPPING, THINGS LIKE AN INDUSTRY ISSUE, HIGHER EDUCATION ISSUE, THINGS THAT WERE ON INTERNAL AUDIT PLANS FOR OTHER ACTIVITIES, IF WE HAD SOME AREA THAT OVERLAPPED IN ALL OF THOSE AREAS THAT WOULD BE ONE THAT WE HAD INCLUDE AT OUR PLAN.
WE ALSO LOOKED AT AREAS THAT HAD HIGH PROBABILITY AND HIGH IMPACT OF RAPID VELOCITY, AND IF THEY HAD ALL OF THOSE FACTORS WE WOULD CONSIDER THAT IN DEVELOPING OUR PLAN.
THERE WERE A FEW REQUIRES THAT ARE REQUIREMENTS, WE CONSIDER THOSE TOO, THEY ARE EITHER REQUIREMENTS OF EDUCATION, RICHLAND COLLEGIATE HIGH SCHOOL IS ATTENDANCE IS AN EXAMPLE OF THAT.
SO, IT GOVERNANCE IS AN EXAMPLE OF THAT, SOMETHING THAT INTERNAL AUDIT IS REQUIRED TO REVIEW ON AN ANNUAL BASIS.
AND WE TOOK INTO ACCOUNT, PRIOR AUDIT RESULTS AND WE HAVE RECEIVE ADD FEW DURING THE PROCESS, SEVERAL SPECIAL REQUEST AND WHERE POSSIBLE WE ACCOMMODATE THOSE SPECIAL REQUESTS.
>> SO, FACTORING IN ALL OF THAT, AND THAT ENTIRE PROCESS, WE DEVELOPED OUR PLAN.
WE HAVE AUDITS IN CONTINUOUS AUDITS THAT WE HAVE PLANNED AND CONTINUOUS AUDITS, WORE LOOKING AT SOME OF THE AREAS IN A DIFFERENT WAY.
AREAS THAT ARE VERY LARGE, VERY COMPLEX, WE'RE GOING TO BREAK THOSE DOWN SMALLER COMPONENTS AND LOOK AT THOSE MORE FREQUENTLY GENERALLY ON A QUARTERLY BASIS.
FIXED ASSETS IS AN EXAMPLE OF THAT, CYBER INFORMATION AND SECURITY AS WELL AND PROCUREMENT.
IN ADDITION TO THOSE ON OUR ENGAGEMENT IS RICHLAND COLLEGIATE HIGH SCHOOL ATTENDANCE AND SAFETY AND SECURITY.
>> WE ALSO INCLUDED SPECIAL REVIEWS AND CONSULTING ENGAGEMENTS.
A LOT OF THESE ARE REQUESTS THAT HAVE COME IN OR THINGS THAT WE WANT TO LOOK AT A LITTLE DIFFERENTLY, MORE ON AN CONSULTING BASIS IN PROVIDING RECOMMENDATIONS AND PROCESSES AND CONSULTING ON PROCESSES AN PROCEDURES.
WE ALSO HAVE SOME FOLLOW UP AUDITS PLANNED.
THESE ARE FOLLOW UPS OF PRIOR AUDITS FROM EITHER FISCAL YEAR 20-21 AND OUR STANDARDS ALSO REQUIRE US TO CONDUCT FOLLOW UP AUDIT ISSUES THAT HAVE BEEN REPORTED.
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AND THEN WE HAVE OTHER SERVICES, DUTIES AND SPECIAL PROJECTS, FOR EXAMPLE, THE EXTERNAL AUDITOR ASSISTANCE IS A SPECIAL PROJECT.WE WANT TO LOOK AT A FRAUD HOTLINE AND WHEN WE GET OUR AUDIT SOFTWARE INCORPORATE THOSE TWO, SPECIAL AUDITS LIKE THAT, INVESTIGATIONS THOSE ARE ONGOING AND YOU CAN'T NECESSARILY PREDICT THOSE SO INVESTIGATIONS ARE THERE AS WELL AS TECHNOLOGY GOVERNANCE AS A SPECIAL PROJECT.
WE HAVE ALSO LEFT TIME OPEN ON OUR PLAN OR ANY OTHER EMERGING RISK, REQUESTS, OR SPECIAL INVESTIGATIONS SO WE HAVE TIME TO ADAPT AND BE FLEXIBLE WHEN THOSE ITEMS COME UP.
>> LAST ITEM TO DISCUSS, IS WHAT I JUST MENTIONED, FLEXIBILITY, AS RISKS CHANGE AND OPERATIONS CHANGE, AS THINGS COME UP THROUGHOUT THE YEAR, WE HAVE BUILT IN TIME IN OUR PLAN TO BE ABLE TO ADDRESS THOSE AND SHIFT TO THOSE AREAS AS NEEDED.
AND WE'VE ALSO INCLUDED SOME THINGS THAT ARE ON OUR HORIZON, I MENTIONED THE FRAUD HOTLINE AND WORKING TO INCORPORATE THAT WITH AUDIT MANAGEMENT SOFTWARE, OUR AUDIT MANAGEMENT SOFTWARE IS OUT FOR RFP AND THOSE HAVE JUST COME BACK SO WE'RE GOING TO START THE PROCESS OF VETTING THOSE AND IMPLEMENTING THAT SOFTWARE.
AND ALSO TRAINING IS ONE OF THE THINGS THAT IS INCLUDED IN OUR GOALS THAT WE WANTED TO DEVELOP TRAINING WITH DALLAS COLLEGE EMPLOYEES ON VARIOUS TOPICS, INTERNAL CONTROLS BEING ONE OF THEM.
>> I KNOW THAT WAS PRETTY QUICK.
>> I WANTED TO COMPLIMENT YOU ON YOUR RISK AND THE AVERAGE THAT YOU'VE DONE.
LOOKING AT PROBABILITY AND IMPACT, AND VELOCITY, AND YOU KNOW, LOOKING AND REPORTING THE COLOR CHART THAT YOU CAME UP WITH.
AND THOSE OUR HIGHEST PROBABILITY RISK WITH MAJOR IMPACT ARE ALL PRIORITIES YOU ARE PLANNING IN YOUR AUDIT WORK ESPECIALLY IN THE COMING QUARTER.
CERTAINLY A COUPLE OF THESE TOPICS, I WOULD HOPE THE BOARD CAN HEAR FROM YOU AND RESPONSIBLE MANAGERS WHAT OUR APPROACH IS TO MITIGATING THE RISK IN THESE AREAS.
YOU'RE THE AUDITOR, THERE ARE A LOT OF MANAGEMENT RESPONSIBLE AND HAVING INSIGHT INTO THAT DIALOG BACK AND FORTH, THAT WOULD BE A GREAT VALUE FOR US, ESPECIALLY IN PROCUREMENT AND CYBER SECURITY IN PARTICULAR.
ONE QUESTION, YOU'VE GOT BUSINESS CONTINUITY PLANNING AT A CATASTROPHIC LIKELY RISK.
>> THAT MEANS MAKING SURE THAT IF THERE'S AN EVENT OR INCIDENT THAT THE OPERATIONS CAN CONTINUE.
SO, IT WOULD BE A CATASTROPHIC RISK TO THE COLLEGE IF SOMETHING OCCURRED THAT COULD BE A WEATHER EVENT LIKE WE HAD, IT COULD BE COVID, SOMETHING LIKE THAT, BUT MAKING SURE THAT THERE ARE PROCESSES AND PROCEDURES AND THE OPERATION ARE IN PLACE TO ENSURE THAT WE CAN ADDRESS ANYTHING THAT MAY COME UP.
>> CYBER IS ONE OF THE BIG THINGS BECAUSE SOMETIMES THEY CAN GET INTO A SYSTEM AND SHUT YOU DOWN.
RANSOMWARE IS ONE OF THE BIG THINGS.
SO, BASICALLY WHAT IT WOULD BE HOLDING OFF REPORTS, YOUR ENTIRE LAST MONTH REPORTING OFF-SITE.
THE IDEA OF HAVING IT SO THAT YOU JUST PLUG IN WHAT, THE LAST GOOD STUFF YOU HAD, TO BE ABLE TO THEN START TO REBUILD AFTER YOU DECIDE YOU ARE GOING TO PAY OR YOU AREN'T GOING TO PAY.
>> AND IT'S ALSO HAVING THOSE PLANS IN PLACE TO MAKE SURE THAT IF SOMETHING DOES OCCUR THAT WE CAN GET UP AND RUNNING QUICKLY.
THAT'S REALLY THE CHI THAT WE COULD CONTINUE TO OPERATE IF SOMETHING OCCURS AND MAKING SURE THAT THOSE PLANS ARE IN PLACE AHEAD OF TIME.
>> I LIKE THE WAY YOU LAID IT OUT.
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VERSUS A STRAIGHT LINE OF BULLET POINTS.>> SO, THE LAST ITEM IS JUST A FEW UPDATES ON OUR ENHANCEMENT PLAN.
WE HAVE TWO INTERNAL AUDITORS AND TWO SENIOR AUDITORS AND OF COURSE, THE DIRECTOR WHO JUST MADE OUR LAST HIRE IN AUGUST.
SO, WE ARE GOING FOR THIS FISCAL YEAR TO BE ABLE TO COMPLETE THIS PLAN WITH ALL OF OUR STAFF IN PLACE.
WE HAVE STARTED WORK ON OUR CORLETT ASSURANCE AND IMPROVEMENT PROGRAM AND THAT'S ALSO A REQUIREMENT OF OUR STANDARDS.
BUT IT MAKES THERE ARE SEVERAL ASPECT TOSS THAT BUT BASICALLY MAKING SURE THAT THE INTERNAL AUDIT DEPARTMENT IS FOLLOWING THE STANDARDS AS IT SHOULD.
AND THEN, AS I MENTIONED, OUR AUDIT MANAGEMENT SOFTWARE.
SO, MY GOAL IS TO HAVE THAT IMPLEMENTED BY THE END OF THE CALENDAR YEAR.
AND THEN, ALSO TO INCORPORATE TRACKING OF THE FRAUD HOTLINE IN THAT MANAGEMENT SOFTWARE.
>> THAT HAS THE FRAUD HOTLINE BEEN HELPFUL? OR HAS IT JUST KIND OF LED US DOWN LITTLE RABBIT HOLES?
>> I THINK IT'S BEEN HELPFUL AND I THINK IT'S IDENTIFIED -- I THINK IT'S BEEN HELPFUL TO STAKEHOLDERS TO KNOW IF THEY HAD A QUESTION OR CONCERN THAT THEY HAVE SOMEPLACE TO REPORT THAT.
WITH ALL FRAUD HOTLINES, THERE ARE SOME THAT CAN'T BE SUBSTANTIATED, THERE ARE SOME THAT ARE JUST QUESTIONS OR PEOPLE VENTING, BUT THERE ARE SOME THAT WE NEED TO LOOK INTO TO MAKE SURE THAT THERE'S NOTHING HAPPENING.
SO, FOR OUR BENEFIT, WE LOOK INTO EACH OF THEM AS IF THEY WERE...
BUT WE FOUND VARYING DEGREES OF ISSUES.
>> AND WE'RE REALLY LOOKING FOR THAT ONE SITUATION WE GOT MIDST OF.
YOU'RE RIGHT, THE REALITY IS MOST FOLKS DON'T KNOW THE DEFINITION OF FRAUD TO BEGIN WITH, AND SO, THAT LED TO A LOT OF CONFUSION, AT THE SAME TIME WE WANT TO ALWAYS BE AVAILABLE.
>> WHAT'S THAT WORKING PAPER SOFTWARE TOOL AGAIN?
>> THAT IS THE AUDIT MANAGEMENT SOLVE WARE THAT WILL AUTOMATE OUR PROCESSES.
WORKING PAPERS ARE THE DOCUMENTATION OF OUR AUDITS, WE HAVE WORKING PAPER SOFTWARE AND AUDIT MANAGING SOFTWARE.
>> THAT'S NOT THE NAME OF THE SOFTWARE?
>> ARE THERE ANY MORE GOOD QUESTIONS?
>> AT THIS POINT, DO YOU BELIEVE WE NEED TO APPROVE THE AUDIT PLAN?
THE AUDIT COMMITTEE IS REQUIRED TO APPROVE THE PLAN.
SO, I THINK WHAT WE'VE DONE HISTORICALLY IS MADE CERTAIN THERE WAS NO OBJECTIONS TO THE CHIEF INTERNAL AUDITOR AND TAKE A FORMAL VOTE AS WE DO.
>> SO, AT THIS POINT, NO OTHER QUESTIONS, I THINK WE HAVE APPROVED.
>> TECHNICALLY, ONLY AUDIT COMMITTEE MEMBERS CAN VOTE ON IT.
>> I'M PART OF THE AUDIT COMMITTEE NOW.
THE ONLY THING I BROUGHT UP AND I ASK IS WHEN WE COMPLETE A REPORT, I WOULD LIKE TO RECEIVE A COPY OF EVERY REPORT YOU WRITE.
I GOT ONE TODAY BECAUSE I ASKED TODAY BUT, I THINK EVERY BOARD MEMBER SHOULD BE PROVIDED A COPY OF THE REPORT.
>> WELL, THERE WAS ONE SENT WITH THE MATERIALS.
>> ARE YOU SPEAKING ABOUT THIS POWER POINT?
>> NO, I'M SAYING WHEN THEY FINISH AND PUBLISH A REPORT, I WANT TO SEE THE REPORT.
>> LIKE FROM THE DIFFERENT THINGS YOU'RE LOOKING IN.
LIKE THE CYBER INFORMATION SECURITY?
>> THAT WOULD BE ONE AUDIT REPORT.
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>> I THINK THAT'S UNREASONABLE.
>> THERE'S NO SUCH THING AS A FORMER AUDITOR.
>> AUDIT ENGAGEMENT AND WE HAVE APPROVED THE PLAN FOR AUDIT.
AND AT IN POINT, HAVING COMPLETED OUR BUSINESS, I NOW ADJOURN THE AUDIT COMMITTEE MEETING.
THANK YOU SO MUCH MS. THOMAS, IT'S GOOD TO SEE YOU.
* This transcript was compiled from uncorrected Closed Captioning.