Viewing page 2 of 151

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION
Board of Regents

Minutes of the Meeting of the Audit and Review Committee

The Audit and Review Committee of the Board of Regents met on Tuesday, March 7, 1989, in the Regents' Room.  Mr. Acheson called the meeting to order shortly after 8:00 a.m.  Present were:
David C. Acheson, Chairman
Robert B. Morgan
Charles McC. Mathias
Several members of the Committee scheduled to attend were thwarted in their plans by inclement weather.  Also present were:  Secretary Robert McC. Adams; Under Secretary Dean W. Anderson; Assistant Secretary for Administration John F. Jameson; Assistant Secretary for Public Service, Ralph C. Rinzler; Treasurer Ann R. Leven; General Counsel Peter G. Powers; Executive Assistant to the Secretary James M. Hobbins; Assistant to the Assistant Secretary for Museums Beverly L. Pierce; Assistant to the Assistant Secretary for Public Service Robert A. Dierker; Comptroller, Office of Accounting and Financial Services, Shireen L. Dodson; Director of the Office of Audits and Investigations Patrick J. Stanton; Director of the Office of Personnel Administration Howard Toy; Comptroller of the Smithsonian Astrophysical Observatory Robert T. Ayer; Assistant to Mr. Mineta, Phyllis A. Guss; and Engagement Partner John D. Strom, Concurring Partner John F. Silton, ITAS Partner Brian F. Morse, and Engagement Manager A. Robert Bloom, all of Coopers & Lybrand.

At Mr. Acheson's request, Mr. Strom introduced his colleagues from Coopers & Lybrand and gave an overview of the fiscal year 1988 financial statements of the Institution.  He said that Coopers & Lybrand's findings have led to the highest form of "clean opinion" for the Smithsonian's statements, that the Institution has used proper accounting practices and controls, and