This report to the Mississippi Legislature presents the findings of a review of the central office of the State Board of Trustees of Institutions of Higher Learning (IHL). The review committee sought to determine if the accounting practices and external controls over the IHL central office ensured an adequate level of accountability for public funds. The review committee reviewed Mississippi statutes, interviewed personnel of the IHL and Department of Finance and Administration (DFA), and reviewed IHL records and reports. The review found that the central office had drawn funds from the state treasury which were not spent and not returned, as required by law; billed universities for expenditures that were responsibilities of the IHL board with a resulting understatement of system administration costs; commingled state treasury and special source funds; and failed to report special fund reserves and expenditures to state legislature. Recommendations address: (1) specific actions by the central office of IHL for better accountability; (2) better oversight by the Board of the central office; (3) specific actions by the DFA to improve oversight and accountability; and (4) changes in legislation. Three appendices present IHL office certification statements and analysis. The response of the Board of Trustees of the IHL to the recommendations is also attached. (JLS)