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Equipment Management

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

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