We conducted a compliance examination of the Legislative Audit Commission as required by the Illinois State Auditing Act. The Commission has no funds that require an audit leading to an opinion on financial statements.
The Biennial Comprehensive Status and Self-assessment Report of the Illinois Groundwater Protection Program has been prepared persuant to Section 4(b)(8) of the Illinois Groundwater Protection Act. The Act created a comprehensive, prevention-based policy focused on protecting the beneficial uses of groundwater and preventing degradation.
We recommended that the University review its current process for the preparation and review of the annual financial statements to ensure that financial information is accurate and in accordance with GAAP.
The University did not properly account for the costs capitalized to intangible assets in accordance with accounting principles generally accepted in the United States of America (GAAP).