Audit director reports 17 FY23 findings; trustees approve charter updates to meet 2024 standards

The audit committee received a briefing from Kim Lamonte, the executive director of audit, summarizing system audits for fiscal year 2023 and proposed changes to audit governance documents to align with updated standards.

Audit results: Lamonte reported that Plante Moran performed system audits to the Illinois Office of the Auditor General. The financial and single audits were released with unmodified opinions while the compliance report (released in July) contained a modified opinion and together the reports included 17 audit findings, two of which were material compliance matters. Lamonte said the reports were also filed with the U.S. Department of Education and the Federal Audit Clearing House. He noted that 12 of this year’s findings are repeats and four have persisted for more than five years; progress has been made on several long‑standing issues, including timekeeping measures for faculty.

Charter revisions: Lamonte recommended revisions to the internal audit charter and the audit committee charter to comply with the recently adopted 2024 global internal audit standards and to better define responsibilities of the chief internal auditor, audit staff, senior management and the committee. Trustees moved and approved the recommended charter language.

Why it matters: The revised charters update governance language to reflect required standards and document current internal audit practices. Lamonte said the revisions are largely formalizations of already‑performed actions to ensure compliance with national internal auditing standards.

Next steps: Lamonte invited trustees to follow up with questions and to consult the summary in board materials; trustees approved the charter revisions and adjourned the audit committee.