Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1445 - COMMUNITY ASSOCIATION MANAGER LICENSING AND DISCIPLINARY ACT › Section 1445.125 - Audits

Current through Register Vol. 48, No. 28, July 12, 2024
a) General Rule
The Department may cause an audit of the accounts, including,
				but not limited to, all related electronic records, of a Community Association
				Management Firm or an unaffiliated Community Association Manager by its own
				employees or by a licensed certified public accountant as provided for in this
				Section. The audit may be conducted for the purpose determining, pursuant to
				Section 55 of the Act and Section
				1445.120 of this Part, whether
				the Community Association Management Firm or unaffiliated Community Association
				Manager maintains separate, segregated accounts for each managed community
				association and/or whether it has commingled the funds of any of the community
				associations which it manages.
b) The Department shall notify in writing the
			 Community Association Management Firm, and/or unaffiliated Community
			 Association Manager that an auditor has been retained to audit their accounts,
			 the identity of the auditor or auditing firm and the requirement that the
			 Community Association Management Firm, and/or unaffiliated Community
			 Association Manager shall submit all pertinent records for audit within 30 days
			 after receipt of the written notice.
c) Procedures for Audit
The auditor or the Department shall contact the Community
				Association Management Firm, and/or unaffiliated Community Association Manager
				responsible for their accounts for the purpose of scheduling the audit of the
				accounts. The Community Association Management Firm and/or unaffiliated
				Community Association Manager shall provide the records requested at the
				scheduled time and location or as otherwise agreed by the Community Association
				Management Firm and/or unaffiliated Community Association Manager and the
				auditor or the Department.
d) Written Report
Any licensed certified public accountant performing an audit
				for the Department under the provisions of this Section and the Act shall
				provide a written report to the Department, with a copy to the Community
				Association Management Firm and/or unaffiliated Community Association Manager
				detailing the findings of the auditor with specific reference to compliance
				with the requirements of this Section and the Act.
e) Noncompliance and Cost of Audit
The Community Association Management Firm and/or unaffiliated
				Community Association Manager shall be liable for the cost of the audit if an
				order is issued by the Director finding that it or its employees, independent
				contractors, agents or designees, misappropriated funds held on behalf of a
				Community Association or if the Community Association Management Firm, and/or
				unaffiliated Community Association Manager or their employees, independent
				contractors, agents, or designees did not comply with the requirements of the
				Act or this Part.
f)
			 Pursuant to Section 105 of the Act, the Department shall have the power to
			 subpoena documents, books, records, or other materials and to bring before it
			 any person and to take testimony either orally, by written interrogatory or any
			 combination thereof, in order to enforce this Section.