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-5- [[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. * * * * * * * 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