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Messrs. Mann and Bartko described their approach to auditing the trust funds of the Institution, noting particularly their interim work in July and their end-of-fiscal-year work in November. They noted that a meeting with the Audit and Review Committee in May or June of each year could provide the auditors with useful suggestions for the ensuing audit work. The outcome of their work will be reflected in their management letter and in their audit opinion; these are in final draft form and will be available to the Committee in January. For the year just concluded, Coopers and Lybrand found no significant weaknesses in internal controls, but did note that, due primarily to the rapid growth of the Institution in recent years, tighter controls should be instituted, particularly in computer security. Coopers and Lybrand found no evidence of fraud or financial mismanagement, but did find a few weaknesses due primarily to the rapid growth of the Institution in recent years.

Senator Jackson noted that the Institution's greatest assets are undoubtedly in its valuable collections, and the Audit and Review Committee agreed that the Registrar of the Institution should report on the inventory controls for the collections.

The Committee affirmed that Coopers and Lybrand is to have direct access to the Audit and Review Committee, and, therefore, direct access to the Regents, a level of access