Regents on the Board of Regents' audit committee voted to approve a three-year contract with EAG Public Sector LLP (Eisner Amper) and to adopt the internal audit plan for fiscal year 2025.

Miss Bentley Smith, Board staff, introduced Laura Swallow of EAG, who told the committee the firm’s engagement will continue under EAG Public Sector LLP following a merger and that “the internal audit team will be the same and the approach to our services will be the same.” Swallow said updates to the board’s internal audit charter align it with forthcoming Institute of Internal Auditors global standards effective January 2025 and that the firm’s independence assessment identified “no threats or impairments to our independence or objectivity.”

Kristen Bork, also with EAG, presented the firm’s annual risk assessment and the proposed FY2025 audit plan. Bork said the firm identified two priority audits to begin the year: an assessment of the Regents and LOSFA audit-structure reorganization, and an assessment of LUMCON vessel operations focusing on processes used to compute the vessel daily rate. She said follow-up work on prior-year observations would also be conducted and that any additional audits would be brought back to the audit committee for approval.

Regent Sterling moved to approve the internal audit plan; Regent Finley seconded and the motion passed by voice vote. The committee then considered the contract with EAG/Eisner Amper. Miss Bentley Smith told members the arrangement is a three-year contract running from July 1, 2024, through June 30, 2027, and that the engagement is about $127,000 per year. After questions about why the board considers the contract annually and when audit reports will be presented, the committee voted to approve the contract.

The audit committee adjourned after completing the items on its agenda.