Illinois Compiled Statutes 30 ILCS 10/3001 – Internal controls required
Current as of: 2024 | Check for updates
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All State agencies shall establish and maintain a system, or systems, of internal fiscal and administrative controls, which shall provide assurance that:
(1) resources are utilized efficiently, effectively,
(1) resources are utilized efficiently, effectively,
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and in compliance with applicable law;
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(2) obligations and costs are in compliance with
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applicable law;
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(3) funds, property, and other assets and resources
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are safeguarded against waste, loss, unauthorized use, and misappropriation;
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(4) revenues, expenditures, and transfers of assets,
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resources, or funds applicable to operations are properly recorded and accounted for to permit the preparation of accounts and reliable financial and statistical reports and to maintain accountability over the State’s resources; and
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(5) funds held outside the State Treasury are
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managed, used, and obtained in strict accordance with the terms of their enabling authorities and that no unauthorized funds exist.
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Terms Used In Illinois Compiled Statutes 30 ILCS 10/3001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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