Board of Governors, June 24, 1999 - APPENDIX III

REPORT OF THE AUDIT COMMITTEE

FOR INFORMATION

The Audit Committee met on May 27, 1999, and provides the following report for the information of the Board.

1. Annual Report of the Internal Audit Function and 1999-2000 Internal Audit Work Plan

The Committee received the 1998-99 report on the Internal Audit function for the year ended April 30, 1999. This report is attached as Annex 1.

The Committee approved the 1999-2000 Internal Audit Work Plan shown in Schedule 1 of Annex 1.

2. Schedule for the Review of the Audited Financial Statements

The Audit Committee has approved the following schedule for the review of the Audited Financial Statements for the year ended April 30, 1999, for UWO and associated companies:

1. Draft combined financial statements, including notes, completed by the Division of Financial Services and forwarded to the external auditors - July 30, 1999.

2. Review of draft combined financial statements with the external auditors and Financial Services group - August 13, 1999.

3. Review draft of all statements with Chair of the Audit Committee and Senior Director, Financial Services. - September 1999

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) - September 1999.

5. Meetings of Boards of Associated Companies for statements approval - September 1999.

6. Presentation to Audit Committee (draft statements) - October 6, 1999.

7. Property and Finance Committee (for information only) - October 18, 1999.

8. Board of Governors (final statements) for approval - October 28, 1999.

3. PeopleSoft Project Status Report

See Annex 2.

4. Year 2000 Update Report

See Annex 3.

5. Creation of a Risk Identification and Management (R.I.M.) Group

The Committee received, for information, the report of the Vice-President (Administration) about the proposal to create a Risk Identification and Management Group (see Annex 4).

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

The Audit Committee received the Annual Report of the Department of Occupational Safety, together with a supplementary 1998 report on fire prevention. The Annual Report is shown in Annex 5 [Unavailable on the Web] and the Fire Data - 1998 - Annual Report may be obtained from the Secretary of the Board, on request.