REPORT DIGEST OFFICE OF THE TREASURER - FISCAL OFFICER RESPONSIBILITIES Financial Audit and Compliance Examination For the Year Ended June 30, 2014 Release Date: January 8, 2015 FINDINGS THIS AUDIT: 1 CATEGORY: NEW -- REPEAT -- TOTAL Category 1: 0 -- 0 -- 0 Category 2: 1 -- 0 -- 1 Category 3: 0 -- 0 -- 0 TOTAL: 1 -- 0 -- 1 FINDINGS LAST AUDIT: 0 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 WILLIAM G. HOLLAND, 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 SYNOPSIS • (14-1) The Illinois Office of the Treasurer’s required annual report was not submitted to the Governor on a timely basis. FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS ANNUAL REPORT TO GOVERNOR NOT FILED TIMELY The Illinois Office of the Treasurer (Treasurer) did not present the required annual report to the Governor on a timely basis. The State Treasurer Act (15 ILCS 505/15) states (with regards to the Treasurer), “He shall also make out and present to the Governor, at least ten days before each regular session of the General Assembly, a full report of all moneys by him received and paid out, and also a general account of all the business of his office.” The annual reports for the 2012 and 2013 calendar years were late as follows. ? The annual report for calendar year 2012 was submitted to the Governor on July 28th, 2014, which was approximately 574 days late. ? The annual report for calendar year 2013 was submitted to the Governor on August 18th, 2014, which was approximately 217 days late. Officials of the Treasurer’s Office stated they were delayed in providing the report within ten days before regular session due to turnover within the Office. (Finding 1, page 9) Treasurer officials agreed with our recommendation to comply with the Act and file its annual report to the Governor within the designated timeframe. AUDITOR’S OPINION The auditors stated the Office of the Treasurer - Fiscal Officer Responsibilities financial statements as of June 30, 2014 and for the year then ended were presented fairly in all material respects. The auditors noted the financial statements have been prepared by the Treasurer on the basis of the financial reporting provisions determined by the Office of the State Comptroller, which is a basis of accounting other than accounting principles general accepted in the United States of America, to meet the requirements of the State of Illinois. The auditor’s opinion was not modified with respect to this matter. WILLIAM G. HOLLAND Auditor General WGH:JAF SPECIAL ASSISTANT AUDITORS Our Special Assistant Auditors for this financial audit and State compliance examination were McGladrey LLP.