Sonoma State University

September 7, 2017 SSE Audit Committee Minutes

Minutes

SONOMA STATE ENTERPRISES, INC. AUDIT COMMITTEE
Minutes
September 7, 2017

MEMBERS PRESENT:

Mr. Yale Abrams, Mr. Wilson Hall, Ms. Nicole Hendry

MEMBERS ABSENT:

none

OTHERS PRESENT:

Ms. Megan Konieczka, Ms. Amanda Visser, Mr. Neil Markley, Mr. Bobby LaCour (tele)

  1. Call to Order
    The meeting was called to order at 9:00 a.m. Joyce Lopes, the new Vice President for Administration and Finance, stopped by to introduce herself to the committee and thank them for all their efforts.
  2. Approval of the September 15, 2017 Minutes
    The minutes were provided via email prior to the meeting. Ms. Hendry moved to approve the minutes from September 15, 2017. Mr. Abrams seconded the motion. There were no objections. The motion passed unanimously.
  3. ACTION ITEM: Review and acceptance of the Audited Financial Statement for 2016/2017
    Copies of the audit were distributed to the committee prior to the meeting in electronic format. The team from Aldrich joined the meeting via conference call and began to review the audit report in detail with the committee. Mr. Abrams and Ms. Visser noted a minor technical error that has since been adjusted.
    The Aldrich team explained the audit process and that it was completed in accordance with the engagement letter. It should be noted there were no material weaknesses found on SSE’s internal controls and an unmodified opinion was issued. There were no recommendations made as a result of the audit.
    Ms. Hendry made a motion to accept the draft audited financial statements for 2016/2017. Mr. Abrams seconded the motion. The motion passed unanimously.
  4. Other Non-Action Items
    Mr. Abrams requested the staff to leave the room to allow the Audit Committee time to discuss any relevant matters with the auditors.
    When staff returned, Mr. LaCour from Aldrich let the committee know that he would be at the SSE Board Meeting in person

The meeting adjourned at 9:15 a.m.

Mr. Neil Markley Chief Operating Officer, Secretary
Megan Konieczka Recording Secretary