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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.

Additional Resources

State Property Control Act
Avoiding Property Accounting Problems

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

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