Contact: Anthony de Bruyn, (512) 499-4363

Date: July 16, 2004

UT System News Release

Deloitte & Touche to Perform Independent Audit of UT System

AUSTIN – The Board of Regents of The University of Texas System hired the financial audit services firm Deloitte & Touche to provide an independent audit of UT System financial statements for the fiscal year ending August 31, 2005. The review will be the first comprehensive audit of the entire 15-campus system, as well as the first such audit at any public university system in Texas.

The announcement was made today (July 16) during a regents' meeting held in Austin and follows approval by the Texas State Auditor's Office to conduct the review.

The decision to conduct the audit is part of the UT System's effort to comply with the spirit of the federal Sarbanes-Oxley Act, which was passed in 2002 in response to management scandals at several corporations. The act does not govern not-for-profit corporations or higher education institutions, but the Board of Regents decided last November to abide by the spirit of the law.

The board authorized UT System staff to begin contract negotiations with Deloitte & Touche so that the review may begin as soon as possible.

UT System News Release: Inspired by Sarbanes-Oxley Act, UT System will Hire Outside Auditor (2/4/04)

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