FISCAL MANAGEMENT MANUAL - Illinois Community College Board

Fiscal Management Manual ~ June 2009 Page 45
Section III
GUIDELINES FOR EXTERNAL AUDITORS
A. ICCB REQUIREMENTS AND RECOMMENDED STATEMENTS
Two copies of the annual audit must be submitted to the ICCB on or before October 15,
following the close of each fiscal year. If the audit cannot be completed by this date, the
district Chief Executive Officer must submit a request for an extension to the President/Chief
Executive Officer of the ICCB before October 1, following the end of the fiscal year. This
request must be accompanied by an explanation of the circumstances which cause the report
to be delayed, along with an estimated date of submission.
Community college districts are required to have an audit performed in accordance with the
Office of Management and Budget (OMB) Circular A-133. This audit should include all
federal dollars received directly from the federal government and passed through from another
state or federal agency.
Audit Report Required and Recommended Statements, Schedules, and Disclosures
The ICCB does not require a set format for the audit report; however, it is recommended that
the colleges adhere to GASB statements 33, 34, 35 and related statements and interpretations
for financial accounting and reporting. The funds or a subset of the funds listed in this manual
should be used for reporting financial transactions.
The Public Community College Act and the Rules of the ICCB mandate that the following be
incorporated into each external audit. The independent certified public accountant should use
this list as a checklist for meeting ICCB requirements.
‘ Note on Basis of Accounting (see section III A 7 in this section of the manual)
‘ Uniform Financial Statements (see section III A 10 in this section of the manual)
‘ Certificate of Chargeback Reimbursement (see section III A 11 in this section of the
manual)
‘ State Grant Financial Compliance Section of the audit (see section III A 12 in this
section of the manual)
‘ Federal Financial Compliance Section of the audit (see section III A 13 in this section
of the manual)
1. Order of Presentation
Uniformity in the arrangement of the data is desirable. Major sections and their
suggested order within reports are set forth below and in the sample audit report in
Appendix C of this manual.