University of South Carolina Board of Trustees Audit and Compliance Committee
The Audit and Compliance Committee meeting covered several key topics. An update on external auditor selection included a discussion of extending Elliott Davis & Co.'s contract for two years to ensure continuity during a major system conversion. Financial reports from University Foundations were received, detailing the status of various foundations, their investments, and expenditures. Financial reports from the Medical Trust and Practice Plan were also reviewed, highlighting the financial health of the Educational Trust and retirement plan. The committee reviewed the Internal Audit Tracking Report, noting progress on open items and the distribution of Prudential funds. A current internal audit report for Aiken was received, along with an outline of the University's Whistle Blower Policy. Finally, expense reports from the Board of Trustees and President's Offices were reviewed, clarifying the use of "A" funds and designated "R" funds.