Business and Financial Policies and Procedures
 

Equipment Audits

All property records may be audited by the following:

  • State of Illinois Auditor General and Bureau of Property Management, Department of Central Management Services
  • University of Illinois Office of University Audits
  • Other auditing agencies as prescribed by law or sponsorship agreements
  • U. S. Government agency auditors
  • University Accounting and Financial Reporting

Audits normally evaluate how well the University has followed policies, procedures, and regulations established by:

  • The State Property Control Act
  • Other applicable organizations such as sponsoring agencies
  • The University of Illinois
  • Government Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB)

Audits may be easier if you follow the suggestions in Avoiding Property Accounting Problems.

Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance - June 2011