Illinois Auditor General Issues Report on Department of Central Management Services – Community College Health Insurance Security Fund-Financial Audit
INTRODUCTION
This digest covers our financial audit of the
SYNOPSIS
* (17-1) The Department's year-end financial reporting to the
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
WEAKNESSES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
The Department's year-end financial reporting in accordance with generally accepted accounting principles (GAAP) to the
During the audit of the
* The Department understated accrued liabilities in the
* In the prior fiscal year, the Department understated their accrued liabilities and benefit payments by
* The Department overstated accounts receivable in the
We recommended the Department implement procedures and cross-training measures throughout the Department to ensure required financial information is submitted to those responsible for financial reporting in a timely, accurate and complete manner. This should include allocating sufficient staff resources and the implementation of formal procedures to ensure adequate and reliable financial information is prepared and submitted to the
The Department agreed with the finding and stated they will strive to implement cross- training measures and financial reporting procedures to ensure timeliness, accuracy, reliability and reasonableness of data utilized to perform financial reporting. Additionally, the Department stated they will continue to work diligently to fill key positions to ensure an independent, internal analytical review of calculations is documented and completed timely.
AUDITOR'S OPINION
The auditors stated the financial statements of the
This financial audit was conducted by
Division Director
This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act.
Auditor General
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