Equipment Audits

All property records may be audited by the following:

• State of Illinois Auditor General and Bureau of Property Management, Department of Central Management Services
• University of Illinois Office of University Audits
• Other auditing agencies as prescribed by law or sponsorship agreements
• U. S. Government agency auditors
• University Accounting and Financial Reporting

Audits normally evaluate how well the system has followed policies, procedures, and regulations established by:

• The State Property Control Act
• Other applicable organizations such as sponsoring agencies
• The University of Illinois System
• Government Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB)

Audits may be easier if units follow the suggestions in Avoiding Property Accounting Problems.