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 System 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 System
- Government Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB)
Audits may be easier if you follow the suggestions in OBFS Policies and Procedures Manual, 12.2 Maintain Equipment Records - Avoiding Property Accounting Problems.
Last Updated: July 19, 2018