(30 ILCS 5/1-7) (from Ch. 15, par. 301-7)
Sec. 1-7.
"State agencies" means all officers, boards, commissions and agencies
created by the Constitution, whether in the executive, legislative or
judicial branch, but other than the circuit court; all officers,
departments, boards, commissions, agencies, institutions, authorities,
universities, bodies politic and corporate of the State; and administrative
units or corporate outgrowths of the State government which are created by
or pursuant to statute, other than units of local government and their
officers, school districts and boards of election commissioners; all
administrative units and corporate outgrowths of the above and as may be
created by executive order of the Governor.
(Source: P.A. 78-884 .)
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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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(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;
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(2) reviewing interim financial information;
(3) issuing letters for underwriters and certain
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| other requesting parties;
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(4) reporting on the processing of transactions by
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| service organizations; and
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(5) auditing compliance with regulations relating to
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| federal award expenditures and other governmental financial assistance in conjunction with or as a byproduct of a financial statement audit.
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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.)
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(30 ILCS 5/1-14) (from Ch. 15, par. 301-14)
Sec. 1-14. Performance audit.
"Performance audit" means an objective and systematic examination of
evidence
in order to provide an independent assessment of the performance and management
of a
program against objective criteria. Performance audits provide information to
improve
program operations and facilitate decision-making by parties with
responsibility to
oversee or initiate corrective action, and improve public accountability.
Performance audits include management audits, which are also called economy
and efficiency audits,
and program audits.
A program audit addresses the
effectiveness of a
program
and typically measures the extent to which a program is achieving its goals and
objectives.
An economy and efficiency audit concerns whether
an
agency is acquiring, protecting, and using its resources in the most productive
manner to
achieve program objectives.
Program audits and economy and efficiency audits may include an
assessment
of:
(1) the extent to which legislative, regulatory, or |
| organizational goals and objectives are being achieved;
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(2) the relative ability of alternative approaches to
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| yield better program performance or eliminate factors that inhibit program effectiveness;
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(3) the relative cost and benefits or cost
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| effectiveness of program performance;
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(4) whether a program produced intended results or
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| produced effects that were not intended by the program's objectives;
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(5) the extent to which programs duplicate, overlap,
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| or conflict with other related programs;
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(6) whether the audited entity is following sound
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(7) the validity and reliability of performance
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| measures concerning program effectiveness and results or economy and efficiency; and
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(8) the reliability, validity, or relevance of
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| financial information related to the performance of a program.
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Performance audits may also encompass objectives related to internal control
and
compliance with legal or other requirements.
Performance audits are to be performed in accordance with 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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