TITLE 23: EDUCATION AND CULTURAL RESOURCES
SUBTITLE A: EDUCATION
CHAPTER II: BOARD OF HIGHER EDUCATION
PART 1025 ENGINEERING GRANT PROGRAM
SECTION 1025.60 AUDIT REQUIREMENTS AND GUIDELINES


 

Section 1025.60  Audit Requirements and Guidelines

 

An audit of the degrees-conferred data, the amount of matching funds expended as claimed by the engineering college and the expenditure of the grant funds shall be conducted by external auditors contracted by the institution.  The auditors shall review institutional records to assure that information reported in the grant application was true, accurate and met the requirements of this Part and to assure the expenditure of grant funds was for engineering laboratory equipment and software in accordance with this Part.  Such checks should include the following steps:

 

a)         Review the number of Bachelor of Science degrees in engineering conferred by the engineering college in the previous grant year and trace the number to the engineering college's grant request claim.

 

b)         Review vouchers or other documents to verify the actual amount of previously unmatched funds claimed by the engineering college.  The auditor shall report in an opinion any difference between the amount which the grant request claimed was expended or obligated and the amount actually expended. In those cases where the grant amount was determined by the number of engineering degrees conferred, the auditor needs to verify matching fund expenditures only up to the actual grant amount.

 

c)         Review the expenditure of grant funds received under this program to assure they were expended for engineering laboratory equipment and software as defined and required pursuant to this Part.

 

(Source:  Amended at 10 Ill. Reg. 7742, effective April 28, 1986)