Report of the Audit Committee

Board of Governors - APPENDIX V - June 25, 1998

The Audit Committee met on May 21, 1998, and provides the following report to the Board of Governors.

FOR INFORMATION

1. Annual Report on the Internal Audit Function

The Committee received the 1997-98 report on the Internal Audit function for the year ended April 30, 1998. This is provided in Annex 1. [Paper copies of the report are available from the University Secretariat.]

2. The 1998-99 Internal Audit Work Plan

The Audit Committee approved the 1998-99 Internal Audit Work Plan as outlined in Annex 1, Schedule 1. [Paper copies of the plan are available from the University Secretariat.]

3. Schedule for the Review of the Audited Financial Statements

The Audit Committee approved the following schedule for the review of the audited financial statements for the year ended April 30, 1998, for U.W.O. and associated companies:

1. Draft combined financial statements, including notes, completed by the Division of Financial Services and forwarded to the external auditors - July 13, 1998

2. Review of draft combined financial statements with the external auditors and Financial Services group - July 20, 1998.

3. Review draft of all statements with the Chair of the Audit Committee and Senior Director, Financial Services - August 1998.

4. Mail statements to members of the Boards of Associated Companies (Platt's Lane Estates, U.W.O. Foundation Inc. and U.W.O. Research Park) - August 1998.

5. Meetings of Boards of Associated Companies for statements approval - August 1998.

6. Presentation to Audit Committee (draft statements) - September 8, 1998.

7. Property and Finance Committee (for information only) - September 14, 1998.

8. Board of Governors (final statements) for approval - September 24, 1998.

4. Annual Report of the Department of Occupational Health and Safety

The Audit Committee received the Annual Report of the Department of Occupational Health and Safety, together with a supplementary 1997 report on fire prevention. The Executive Summary of the Annual Report of the Department of Occupational Health and Safety and the table of contents of the complete report are attached as Annex 2. [Paper copies of the report are available from the University Secretariat.]

5. PeopleSoft Administrative Application Software Update

See Annex 3. [Paper copies are available from the University Secretariat.]