REPORT DIGEST

ILLINOIS POWER AGENCY

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2023

Release Date:  February 15, 2024

FINDINGS THIS AUDIT: 1

CATEGORY:  NEW -- REPEAT -- TOTAL
Category 1:  0 -- 1 -- 1
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  0 – 1 -- 1

FINDINGS LAST AUDIT:  1

Category 1: Findings that are material
weaknesses in internal control and/or a
qualification on compliance with State laws
and regulations (material noncompliance).
Category 2: Findings that are significant
deficiencies in internal control and
noncompliance with State laws and
regulations.
Category 3: Findings that have no internal
control issues but are in noncompliance with
State laws and regulations.

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General, Iles Park
Plaza, 740 E. Ash Street, Springfield, IL
62703
(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are also
available on the worldwide web at
www.auditor.illinois.gov

INTRODUCTION

The Illinois Power Agency’s (Agency) goals
and objectives are (1) to oversee the
electricity planning and procurement
processes to ensure adequate, reliable,
affordable, efficient, and environmentally
sustainable electric service at the lowest
cost over time for the residential and small
commercial customers of power utility
companies; (2) to procure renewable energy
using the resources of the Illinois Power
Agency Renewable Energy Resources Fund; (3)
to develop and implement a Zero Emission
Standard Procurement Plan; and (4) to
develop a Long-Term Renewable Resources
Procurement Plan and implement the programs
and procurements contained in the Plan,
including the Adjustable Block Program and
the Illinois Solar for All Program.

SYNOPSIS

 (23-01) The Agency did not review for
 proper revenue cutoff for the year ending
 June 30, 2023.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUTE CONTROLS OVER FINANCIAL STATEMENT
CLOSE PROCESS

The Agency did not review for proper revenue
cutoff for the year ending June 30, 2023.

The Agency did not review subsequent
billings past July 31, 2023 to evaluate any
unrecorded revenue and accounts receivable
earned that needed to be reflected as of
June 30, 2023.  General ledger account
balance related to receivables and revenue
were not appropriately stated on the trial
balance. As a result, an adjustment was
required for $2,970,489 to increase accounts
receivable and revenue.  (Finding 1, page
21)

We recommended the Agency review all
billings during the current fiscal year, as
well as subsequent to year end, to verify
appropriate revenue and accounts receivable
cutoff.

Agency agreed with the finding.

AUDITOR’S OPINION

The auditors stated the financial statements
of the Agency as of and for the year ended
June 30, 2023, are fairly stated in all
material respects.

This financial audit was conducted by Plante
& Moran, PLLC

JANE CLARK
Division Director

This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:EMO