MINUTES
AUDIT AND INSURANCE COMMITTEE
BOARD OF TRUSTEES
February 3, 2011
A meeting of the Audit and Insurance Committee of the Board of Trustees
of The Trustees of Purdue University was held in Room 326, Stewart Center,
West Lafayette, Indiana at 5:24 p.m. on February 3, 2011.
The following Committee members were present: Chairman Michael J.
Birck, John D. Hardin, Jr. and Michael R. Berghoff.
Also in attendance were Trustees Brouillette, Krach, Lehman, Powers,
Spurgeon, and Teykl; President Córdova; Executive Vice President for Business
and Finance, Treasurer Diaz; Executive Vice President and Provost Sands;
Senior Vice President for Business Services and Assistant Treasurer Almond;
Legal Counsel Benton; Director Fish, and Corporate Secretary Behringer.
I. APPROVAL OF THE 2010 ANNUAL AUDIT REPORT OF THE
DIRECTOR OF AUDITS.
In accordance with Article IV, Section 6, Bylaws of The Trustees of Purdue
University, a copy of the 2010 Annual Audit Report had been provided to all
Trustees prior to the meeting (copy filed with minute material as part of the
permanent record of the Board of Trustees).
Director Fish reported that the 2010 audits were designed to determine
whether the University’s network of risk management, control, and governance
processes, as designed and implemented by management, were functioning
effectively. In addition, information about the allocation of audit resources and
the Enterprise-wide Hotline was provided.
After discussion and upon proper motion duly seconded, the Committee
recommended that the 2010 Annual Report of the Director of Audits be
presented to the full Board for approval.
II. DISCUSSION ITEM.
The Committee received information from the Director of Audits regarding
the Audit Plan for Calendar Year 2011, which provides a summary of anticipated
use of audit resources and is based on institutional input and risk consideration.
(Audit Plan for Calendar Year 2011 filed with minute material.)
This report was received for information only. No action was required by
the Committee.