ILLINOIS MATHEMATICS & SCIENCE ACADEMY
For the Year Ended June 30, 2010
Summary of Findings:
Total this audit: 1
Total last audit: 2
Repeated from last audit: 0
Release Date: February 24, 2011
State of Illinois, Office of the Auditor General
WILLIAM G. HOLLAND, AUDITOR GENERAL
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• The Academy did not exercise adequate control over voucher processing.
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
VOUCHER PROCESSING WEAKNESSES
The Illinois Mathematics and Science Academy (Academy) did not exercise adequate control over vouchers during processing. We noted the following:
• Fifteen of 186 (8%) vouchers tested, totaling $62,827, were not approved within 30 days of receipt of a proper bill. The vouchers were approved from 6 to 85 days late.
• For 29 of 186 (16%) vouchers tested, totaling $21,957, the Academy did not pay required interest totaling $325 to the vendor.
• We noted four payments of required interest in which the interest calculated by the Academy was inaccurate. The differences resulted from using an incorrect paid date from the State Comptroller’s records and from using incorrect dates for receipt of a proper bill.
Failure to approve vouchers timely may subject the State to unnecessary interest charges. Failure to pay required interest is noncompliance with the State Prompt Payment Act. (Finding 1, pages 8-9)
We recommended the Academy strengthen its internal controls over voucher processing to ensure all vouchers are approved within the required time frame and are processed in accordance with the State Prompt Payment Act.
The Academy agreed with the finding and recommendation. Academy officials stated they recognize the importance of processing vouchers in a timely manner and complying with the State Prompt Payment Act and believes it has strong policies and procedures in place for doing so. Academy staff will, however, review procedures to identify possible areas for improvement.
We conducted a compliance examination of the Academy as required by the Illinois State Auditing Act. We have not audited any financial statements of the Academy for the purpose of expressing an opinion because the Academy does not, nor is it required to, prepare financial statements.
WILLIAM G. HOLLAND
The public accounting firm of Borschnack, Pelletier & Co. was our special assistant auditor for this engagement.