105 ILCS 5/2-3.17a
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 2 - State Board of Education - Powers and Duties

 (from Ch. 122, par. 2-3.17a)Sec. 2-3.17a. Financial audits by Auditor General. The Auditor  General shall  annually cause an audit to be made, as of June 30th  of each year, of the financial statements of all accounts,  funds and other moneys in the care, custody or control of the regional  superintendent of schools of each educational service region in the State and  of each educational service center established under Section 2-3.62 of this  Code  other than an educational service center serving a school district in a city  having a population exceeding 500,000.  The audit shall be conducted in accordance with Generally Accepted Governmental  Auditing Standards and shall include an examination of supporting books and  records and a representative sample of vouchers for distributions and  expenditures. A regional office of education or educational service center may utilize a cash basis, modified cash basis, or generally accepted accounting principles (GAAP) basis of accounting to prepare the financial statements for the audit. On February 15 of each year, the Auditor General shall  notify the Legislative Audit  Commission in writing of the completion or of the reasons for the  noncompletion of each audit required by this Section to be made as of the  preceding June 30. An audit report shall be prepared for each audit made  pursuant to this Section, and all such audit reports shall be kept on file  in the office of the Auditor General, published on the Auditor General's website, and distributed in accordance with Section 3-14 of the Illinois State Auditing Act. Each audit shall be made in  such manner as to determine, and each audit report shall be prepared in  such manner as to state:(1) The balances on hand of all accounts, funds and     other moneys in the care, custody or control of the regional superintendent of schools or educational service center at the beginning of the fiscal year being audited;(2) the amount of funds received during the fiscal     year by source;(3) the amount of funds distributed or otherwise paid     by the regional superintendent of schools or educational service center to each school treasurer in his or her educational service region or area, including the purpose of such distribution or payment and the fund or account from which such distribution or payment is made;(4) the amounts paid or otherwise disbursed by the     regional superintendent of schools or educational service center -- other than the amounts distributed or paid by the regional superintendent of schools or educational service center to school treasurers as described in paragraph (3) above -- for all other purposes and expenditures, including the fund or account from which such payments or disbursements are made and the purpose thereof; and(5) the balances on hand of all accounts, funds and     other moneys in the care, custody or control of the regional superintendent of schools or educational service center at the end of the fiscal year being audited.The Auditor General shall adopt rules and  regulations relative  to the time and manner by which the regional superintendent of schools or  educational service center  shall present for inspection or make available to the Auditor General, or to the agents designated by the Auditor General to make an audit and  prepare an audit report pursuant to this Section, all financial statements,  books, records, vouchers for distributions and expenditures, and records of  accounts, funds and other moneys in the care, custody or control of the  regional superintendent of schools or educational service center and  required for purposes of making such  audit and preparing an audit and preparing an audit report.   All rules and regulations adopted by the State Board of Education under  this Section before the effective date of this amendatory Act of the 92nd  General Assembly shall continue in effect as the rules and regulations of the  Auditor General, until they are modified or abolished by the Auditor  General.The Auditor General shall require  the regional  superintendent of schools of each educational service region or administrator  of each educational service center to promptly  implement all recommendations based on audit findings resulting from a  violation of law made in audits prepared pursuant to this Section, unless  the Auditor General, upon review, determines,  with regard to any  such finding, that implementation of the recommendation is not appropriate.  (Source: P.A. 102-25, eff. 6-25-21.)