REPORT DIGEST

OFFICE OF THE TREASURER, NONFISCAL OFFICER
RESPONSIBILITIES

COMPLIANCE EXAMINATION
FOR THE TWO YEARS ENDED JUNE 30, 2025

Release Date:  June 30, 2026

FINDINGS THIS AUDIT: 4

CATEGORY:  NEW -- REPEAT – TOTAL
Category 1:  0 -- 0 -- 0
Category 2:  0 -- 4 -- 4
Category 3:  0 -- 0 -- 0
TOTAL:  0 -- 4 -- 4

FINDINGS LAST AUDIT: 5

State of Illinois, Office of the Auditor
General
CHRISTOPHER B. MEISTER, AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General, 400 West
Monroe, Suite 306, Springfield, IL
62704-9849
(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

SYNOPSIS

• (25-02) The Office of the Treasurer
(Office) did not exercise adequate control
over property reporting of the Office’s
equipment and building assets, resulting
in inaccurate property reporting.
• (25-03) The Office of the Treasurer
(Office) did not complete timely monthly
reconciliations.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

LACK OF CONTROLS OVER STATE PROPERTY
REPORTING

The Office of the Treasurer (Office) did
not exercise adequate control over
property reporting of the Office’s
equipment and building assets, resulting
in inaccurate property reporting.

During the testing of accuracy of the
Agency Report of State Property (C-15) to
the Office’s supporting records, the
following items were noted by the Office
as reconciling items but not corrected
during the examination period:
• Various items totaling $311,268 with
individual asset values under $2,500 were
reported on the C-15 but no longer in
Office property control records;
• FY24 surplus equipment totaling $59,268
were reported on the C-15 during FY24 and
FY25; however, they do not appear to be
included in Office property control
records;
• 41 assets totaling $428,241 were
incorrectly reported on the FY25 Q4 C-15
in the amount of $358,496, understating
the assets by $69,745;
• One vehicle purchased in FY24 was
overstated by $5,000 in the property
control records;
• One information technology asset
purchased in FY24 was understated by
$3,000 in the property control records;
• Various assets totaling $20,402 were
appropriately removed from the C-15 during
the examination period; however, they
still remain on Office’s property control
records

Due to these conditions, we were unable to
conclude whether the Office’s population
records were sufficiently precise and
detailed under the Attestation Standards
promulgated by the American Institute of
Certified Public Accountants (AT-C §
205.36) to test the Office’s equipment.

Even given the population limitations
noted above which hindered the ability of
the accountants to conclude whether
selected samples were representative of
the population as a whole, we performed
testing and noted the following:

• During testing of assets added
throughout the examination period, the
following items were noted:
-- One of 25 (4%) additions tested was
understated by $5. The purchase was for a
total of ten laptops, understating the
FY25 C-15 by $50 total.
-- The Office did not timely record two of
25 (8%) additions tested, totaling
$39,476, in its property control records.

• For one of two (50%) deletions tested,
totaling $12,935, the Office did not
include the purchase date and voucher
number on the State Property Management
Vehicle Acquisition and Change Report for
the transfer of a vehicle to Central
Management Services (CMS).

• Assets and depreciation reported on the
Capital Asset Summary (SCO-538) for the
building and equipment asset classes did
not agree to underlying manual property
control records or Office property control
records in the Enterprise Resource
Planning (ERP) System. (Finding 2, pages
10-11) This finding has been reported
since 2021.

We recommend the Office implement adequate
controls of reporting property on the
Statewide ERP system, including timely
recording, accurate depreciation and
appropriate reporting on the SCO-538.

The Office accepted the recommendation and
stated it is organizing internally with
responsible parties to implement these
processes to ensure accurate and
appropriate reporting.

LACK OF CONTROLS OVER MONTHLY
RECONCILIATIONS

The Office of the Treasurer (Office) did
not complete timely monthly
reconciliations.

For Fiscal Year 2024 and 2025
reconciliations, we noted:
• Two of eight (25%) locally held funds
tested were not reconciled on a monthly
basis between Office records and external
bank/investment accounts. Rather, the
Office performed quarterly reconciliations
for the funds.
• Three of 32 (9%) monthly locally held
funds reconciliations tested were not
performed within 60 days of month end.
• Three of five (60%) Monthly
Appropriation Status Report (SB01)
reconciliations tested were not signed or
dated by a preparer and reviewer. We were
unable to determine timeliness of the
reconciliations nor validate proper
segregation of duties. (Finding 3, page
12) This finding has been reported since
2017.

We recommend the Office complete monthly
reconciliations in a timely manner and
retain documentation supporting
segregation of duties and timely
completion of each reconciliation.

The Office accepted the recommendation and
stated it is in the process of obtaining
proper documentation to implement monthly
reconciliations for all locally held
funds, and appropriate documentation to
show timely SB01 reconciliations.

OTHER FINDINGS

The remaining findings pertain to lack of
controls over external service providers
and inadequate controls over census data.
We will review the Office’s progress
towards the implementation of our
recommendations in our next State
compliance examination.

ACCOUNTANT’S OPINION

The accountants conducted a State
compliance examination of the Office for
the two years ended June 30, 2025, as
required by the Illinois State Auditing
Act.  The accountants stated the Office
complied, in all material respects, with
the requirements described in the report.

This State compliance examination was
conducted by Crowe LLP.

COURTNEY DZIERWA
Deputy Auditor General

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

CHRISTOPHER B. MEISTER
Auditor General

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