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[[underline]] Report of the Audit and Review Committee [[/underlined]]

On behalf of Senator Jackson, Chairman of the Committee, Mr. Acheson presented the following report of the Audit and Review Committee, which report had been distributed in advance of the meeting.

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The Regents' Audit and Review Committee met at 7:30 a.m., Friday, May 21, 1982, in the Regents' Room. Present were:

Honorable David C. Acheson, Vice-Chairman
Honorable Norman Y. Mineta
Honorable Kenneth Rush
Judge A. Leon Higginbotham

Also present were:

Paul Schoellhamer, Assistant to Mr. Mineta
Carroll H. Leggett, Assistant to Senator Morgan

[[underlined]] Smithsonian Staff [[/underlined]]

Phillip S. Hughes, Under Secretary
John F. Jameson, Assistant Secretary for Administration
Christian C. Hohenlohe, Treasurer
James M. Hobbins, Executive Assistant to the Secretary
Peter G. Powers, General Counsel
Chris S. Peratino, Director, Office of Audits
John C. Fawsett, Auditor, Office of Audits
James F. McGuire, Chief, Security Services Division

[[underlined]] Coopers and Lybrand [[/underlined]]

A. William Mann, Partner-in-Charge
John D. Strom, Engagement Manager
Michael Tallent, Auditor

Mr. Acheson called the meeting to order, and at his request Mr. Mann presented a status report on the nearly completed audit of the fiscal year 1981 federal appropriations, noting the minor differences between generally accepted auditing standards and governmental auditing standards. It is expected that in their compliance letters Coopers and Lybrand will