Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 5/1-13.5

(30 ILCS 5/1-13.5)

Sec. 1-13.5. Financial audit.

 "Financial audit" means a post audit
primarily concerned with providing reasonable assurance about whether
financial
statements are presented fairly in all material respects in conformity with
generally
accepted accounting principles (GAAP), or with a comprehensive basis of
accounting
other than GAAP. Other objectives of financial audits, which provide for
different levels of
assurance and entail various scopes of work, may include, as appropriate:

(1) providing special reports for specified elements,

accounts, or items of a financial statement;

(2) reviewing interim financial information;

(3) issuing letters for underwriters and certain

other requesting parties;

(4) reporting on the processing of transactions by

service organizations; and

(5) auditing compliance with regulations relating to

federal award expenditures and other governmental financial assistance in conjunction with or as a byproduct of a financial statement audit.

Financial audits are to be performed in accordance with generally accepted
auditing standards issued by the American Institute of Certified Public
Accountants (AICPA) for field work and reporting, generally accepted government
auditing standards (GAGAS), and AICPA Statements on Auditing Standards (SAS)
current at the time the audit is commenced.

(Source: P.A. 93-630, eff. 12-23-03.)