A5000.05 Audit of College Accounts

Statement

The Board shall cause an audit to be made at the end of each fiscal year by an accountant licensed to practice public accounting in Illinois.  The report is due to the Board no later than November 15 after the end of the fiscal year.

The auditor shall perform his examination in accordance with generally accepted auditing standards, the Single Audit Act of 1984, and regulations prescribed by the Illinois Community College Board.  The report shall be in accordance with generally accepted accounting principles and shall include a report on internal controls and compliance with laws and regulations.

The examination and report will include a verification of student enrollment and any other figures upon which claims are filed with the Illinois Community College Board.  The report will also contain a statement of the scope and findings of the audit and a professional opinion signed by the auditor.  If a professional opinion is denied, the auditor will set forth the reasons for the denial.  The Board will not limit the scope of the examination so as to cause a qualification of the professional opinion.

Copies of the audit report shall be filed with the Illinois Community College Board in accordance with its regulations and shall be filed with the official records of the Board.

Revised:  July 2016