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;
        (b) whether the audited agency has obligated,
    
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;
        (c) in the case of a State agency, whether the
    
audited agency has generally complied with applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal operations;
        (d) in the case of a State agency, whether the
    
records, books and accounts of the audited agency accurately reflect its financial and fiscal operations;
        (e) in the case of a local or private agency, whether
    
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;
        (f) in the case of a State agency, whether the
    
audited agency is maintaining effective internal controls over revenues, obligations, expenditures, assets and liabilities;
        (g) whether collections of State revenues and
    
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;
        (h) in the case of a State agency, whether money or
    
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
        (i) whether financial, program and statistical
    
reports of the audited agency contain useful data and are fairly presented.
    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.
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Terms Used In Illinois Compiled Statutes 30 ILCS 5/1-13

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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