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(30 ILCS 5/1-13) (from Ch. 15, par. 301-13)
Sec. 1-13. Compliance audit. "Compliance audit" means
an attestation engagement that either
examines,
reviews, or entails performing agreed-upon procedures on a subject matter or an
assertion
about a subject matter and reporting on the results. The compliance audit, as
appropriate,
may address agency management representations, assertions, and supporting
evidence regarding:
(a) whether the audited agency has obligated, |
| expended, received and used public funds of the State in accordance with the purpose for which such funds have been appropriated or otherwise authorized by law;
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(b) whether the audited agency has obligated,
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| expended, received and used public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions imposed by law upon such obligation, expenditure, receipt or use;
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(c) in the case of a State agency, whether the
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| audited agency has generally complied with applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal operations;
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(d) in the case of a State agency, whether the
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| records, books and accounts of the audited agency accurately reflect its financial and fiscal operations;
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(e) in the case of a local or private agency, whether
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| the records, books and accounts of the audited agency fairly and accurately reflect its financial and fiscal operations relating to the obligation, receipt, expenditures and use of public funds of the State to the extent such operations must be reviewed to complete post audit determinations under paragraphs (a) and (b) of this Section;
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(f) in the case of a State agency, whether the
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| audited agency is maintaining effective internal controls over revenues, obligations, expenditures, assets and liabilities;
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(g) whether collections of State revenues and
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| receipts by the audited agency are in accordance with applicable laws and regulations and whether the accounting and record keeping of such revenues and receipts is fair, accurate and in accordance with law;
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(h) in the case of a State agency, whether money or
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| negotiable securities or similar assets handled by the audited agency on behalf of the State or held in trust by the audited agency have been properly and legally administered, and whether the accounting and record keeping relating thereto is proper, accurate and in accordance with law; and
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(i) whether financial, program and statistical
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| reports of the audited agency contain useful data and are fairly presented.
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Compliance audits are to be performed in accordance with attestation
standards issued by the American Institute of Certified Public Accountants
(AICPA), related AICPA Statements on Standards for Attestation Engagements, and
generally accepted government auditing standards (GAGAS) current at the time
the audit is commenced.
(Source: P.A. 93-630, eff. 12-23-03.)
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