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Board of Governors - APPENDIX III - June 28, 2000

REPORT OF THE AUDIT COMMITTEE

FOR INFORMATION

The Audit Committee met on May 25, 200, and provides the following report for the information of the Board.

1. Annual Report of the Internal Audit Function and 2000-2001 Internal Audit Work Plan

The Committee received the 1999-2000 report on the Internal Audit function for the year ended April 30, 2000. This report is attached as Annex 1.

The Committee approved the 2000-01 Internal Audit Work Plan shown in Annex 1, Schedule 1.

2. Schedule for Review of Audited Financial Statements

The Audit Committee has approved the following schedule for the review of the Audited Financial Statements for the year ended April 30, 2000, for UWO and Associated companies.

1. Draft combined financial statements, including notes, completed by the Division of Financial Services and forwarded to the external auditors - July 15, 2000.

2. Review of draft combined financial statements with the external auditors and Financial Services group - August 9, 2000.

3. Mail statements to members of the Boards of Associated Companies (U.W.O. Foundation Inc. and U.W.O. Research Park) - September 2000.

4. Meetings of Boards of Associated Companies for statements approval - September 2000.

5. Presentation to Audit Committee (draft statements) - September 7, 2000.

6. Property and Finance Committee (for information only) - September 18, 2000.

7. Board of Governors (final statements) for approval - September 28, 2000.

3. Direct PeopleSoft Implementation/Software/Hardware Costs

The Committee was advised of the direct costs for PeopleSoft implementation, software and hardware, as follows:

($ Millions)

4. Annual Report of the Department of Occupational Health and Safety

The Audit Committee received the Annual Report of the Department of Occupational Health and Safety, which is attached as .