105 ILCS 5/34A-408
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34A - School Finance Authority

 (from Ch. 122, par. 34A-408)Sec. 34A-408.     Financial and managerial audits.(a) The Authority may examine the business records and audit the  accounts of the Board or require that the Board examine its business records  and audit its accounts at such time and in such manner as the Authority may  prescribe.  The Board shall appoint a certified public accountant annually,  approved by the Authority, to audit its financial statements.(b) The Authority shall initiate and direct financial and managerial  assessments and similar analyses of the operations of the  Chicago Board of Education, as may be required by this Section or as may, in  the judgment of the Authority, assure sound and efficient financial management  of the Board.(c) On or before April 1, 1994, the Authority shall assure completion of  assessments and analyses that:(1) Provide for a review of the managerial and     financial efficiencies and improvements that can be achieved in the operation of the special education programs of the Board.(2) Analyze the potential cost savings and     efficiencies that the Board can achieve through the consolidation of attendance centers and the operations of buildings.Upon the completion of these required assessments, the Authority shall make  recommendations to the Board regarding improvements and changes that derive  from these assessments, which the Board should implement.In conjunction with its budgetary submission to the Authority for the fiscal  year that ends in 1995, the Board shall demonstrate to the  satisfaction of the Authority that the recommendations requested by the  Authority have been implemented in whole or in part or, in the alternative, are  not capable of being implemented.  In consideration of whether to approve or  reject the budget for the fiscal year that ends in 1995, the Authority shall  adjudge whether the Board has fully considered and responsibly proposed  implementation of the Authority's recommendations.(d) On or before April 1, 1995, the Authority shall adopt and submit a  report to the General Assembly, the Governor, and the Chicago Board of  Education that reflects a comprehensive assessment of the financial status of  the Chicago Board of Education.  The report shall include an expenditure  analysis of all special education  programs provided by the Board, which shall include the number of programs  available and student participation, the dollar amount spent on each program,  the program location, the availability of transportation for students  participating in the programs, and related expenditure recommendations.  In addition, the  report shall also include a review of all attendance centers for efficiency  purposes, which shall include the total number of attendance centers in use,  their capacities, and the number of students currently enrolled in the  attendance centers, and the attendance center long range capital needs (repair  and maintenance) based upon current and estimated future enrollments.  A study  shall also be included on teacher/student ratios.(e) The Authority shall initiate and direct a management audit of  the Board at least once every 2 years.  The audit shall review the personnel,  organization, contracts, leases, and physical properties of the Board to  determine whether the Board is managing and utilizing its resources in an  economical and efficient manner.  The audit shall determine the causes of any  inefficiencies or uneconomical practices, including inadequacies in internal  and administrative procedures, organizational structure, uses of resources,  utilization of real property, allocation of personnel, purchasing policies, and  equipment.    (Source: P.A. 88-511.)