A meeting of the Audit and Enterprise Risk Committee of the Board of Trustees convened at 10:51 a.m. on Friday, April 8, 2022, in Room 326 of Stewart Center on the campus of Purdue University in West Lafayette, Indiana.

All members of the Committee were present: Vanessa Castagna, chair; JoAnn Brouillette; and Theresa Carter. All other trustees were present: Sonny Beck; Michael Berghoff; Malcolm DeKryger; Mark Gee; Michael Klipsch; Gary Lehman; and Don Thompson.

Officers and administrators in attendance were: Mitch Daniels, president; Jay Akridge, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Steve Schultz, general counsel; Janice Indrutz, corporate secretary and senior executive assistant to the Board; Ron Elsenbaumer, chancellor, Purdue Fort Wayne (virtually); and Tom Keon, chancellor, Purdue Northwest.

I. APPROVAL OF MINUTES

Upon proper motion duly made and seconded, the Committee voted unanimously to approve the minutes of its last meeting convened on December 3, 2021.

II. APPROVAL OF 2021 ANNUAL REPORT OF THE CHIEF AUDIT EXECUTIVE AND DISCUSSION OF THE AUDIT PLAN FOR CALENDAR YEAR 2022

Treasurer Ruhl introduced Ms. Madina Sabirova, the new chief audit executive who succeeded Ms. Peg Fish, former director of audits. Mr. Ruhl informed the Committee that Ms. Sabirova brought a fresh perspective to the university given her background outside of higher education, and Ms. Sabirova elaborated on her experience. She said she was pleased to be a part of “this amazing university,” and she expressed her hope to add value. Ms. Sabirova shared her vision for the Internal Audit Office and said she would like to continue Ms. Fish’s legacy of being a trusted advisor and a partner to stakeholders. She also said she had ideas of how to modernize the function.

Ms. Sabirova discussed the pillars and components of the audit strategy and said resources would need prioritized and allocated strategically. She also expressed her hope to energize the Internal Audit staff and assess the team’s skill set and key competencies in order to move the audit function forward with establishing an effective Enterprise Risk Management program and optimizing audit tools and technology.

Ms. Sabirova provided highlights of the 2022 audit plan, which, she said, the audit team had already begun to execute. She pointed out that audit resource allocation had remained constant year over year, and she informed the Committee that the audit function would shift its approach to system-wide auditing as a more efficient way to minimize risks. She added that there had also been a shift to integrated auditing. To conclude her presentation, Ms. Sabirova informed the Committee that she anticipated changes to the audit plan through the year as the Internal Audit Office embarked on the Enterprise Risk Management program.

Upon proper motion duly made and seconded, the Audit and Enterprise Risk Committee voted unanimously to approve the written 2021 Annual Report of the chief audit executive. Supporting materials were filed with the minutes. A copy of Ms. Sabirova’s presentation was filed with the minutes.

III. ADJOURNMENT

By consent, the meeting adjourned at 10:58 a.m.