June 26, 2026 - Audit & Compliance Committee Special Meeting, University of Minnesota

The University of Minnesota Board of Regents Audit & Compliance Committee held a special meeting on June 26, 2026, focusing on internal audit activities and the annual audit plan for fiscal year 2027. Chief Auditor Gaalswyk reported on progress made since February, including staffing challenges and audit results, highlighting areas needing improvement such as purchasing services, travel, and expense processes, as well as controls at the Crookston campus. The committee reviewed and approved the FY2027 audit plan, which includes 12 audits prioritized into two tiers, with a focus on high-risk units and process audits like IT software purchasing and house settlement payments. The plan also incorporates the implementation of a new automated work paper system to improve audit efficiency and security. Additional discussions covered risk assessment methodologies, budget considerations for the audit department, and ongoing enterprise risk management efforts. No specific contract awards or procurement decisions were made, but the audit plan and related resource allocations could influence future procurement oversight and compliance activities.