ILLINOIS GAMING BOARD
FINANCIAL AUDIT OF THE STATE GAMING FUND
For the Year Ended: June 30, 2011
Release Date: March 20, 2012
Summary of Findings:
Total this audit: 1
Total last audit: 1
Repeated from last audit: 0
State of Illinois, Office of the Auditor General
WILLIAM G. HOLLAND, AUDITOR GENERAL
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Office of the Auditor General, Iles Park Plaza, 740 E. Ash Street, Springfield, IL 62703
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• The Illinois Gaming Board did not perform reconciliations of its cash receipt journal to its State Treasury deposit records.
FINDING, CONCLUSION, AND RECOMMENDATION
INADEQUATE INTERNAL CONTROL OVER CASH RECEIPTS
The Illinois Gaming Board (Board) did not perform reconciliations of its cash receipt journal to Board deposit records.
While reviewing the Board’s manual cash receipt process, it was noted that the Board maintains a cash receipt journal to track the physical cash received at the Board’s two main offices; however, at no point during FY11 was a reconciliation performed between the cash receipt journal and the Board’s State Treasury deposit records. During FY11, the Board received $668,149 in cash receipts that were deposited into the State Gaming Fund (Fund). The auditors performed the reconciliation for FY11 and no discrepancies were noted.
We recommended the Board perform reconciliations of its cash receipt journal to Board deposit records to ensure accurate and timely deposits of its cash into the State Treasury (Finding 1, page 15)
Board officials accepted the recommendation and stated the Board has developed and implemented reconciliation procedures for cash receipts to comply with the Fiscal Control and Internal Auditing Act. These procedures identify the series of events beginning with the Board’s receipt of cash items, the immediate recording to a Remittance Ledger, the posting to a Receipts Journal, and subsequent reconciliation procedures between the Ledger and Journal prior to depositing the cash receipts into the State Gaming Fund.
Our auditors stated the State Gaming Fund Financial Statements of the Illinois Gaming Board as of and for the year ended June 30, 2011 are fairly stated in all material respects.
WILLIAM G. HOLLAND
The financial audit was performed by the Office of the Auditor General’s staff.