REPORT DIGEST

OFFICE OF THE TREASURER –
THE ILLINOIS FUNDS

FINANCIAL AUDIT
FOR THE YEAR ENDED June 30, 2024

Release Date:  September 16, 2025

FINDINGS THIS AUDIT: 1

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

FINDINGS LAST AUDIT: 2

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, 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

• (24-01) The Office of the Treasurer
(Office) had inadequate internal controls
over the reconciliation of investment
balances between the Office’s accounting
records and bank records.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUATE INTERNAL CONTROLS RELATED TO
REVIEW OF INVESTMENTS

The Office of the Treasurer (Office) had
inadequate controls over the reconciliation
of investment balances between the Office’s
accounting records and bank records.

The Illinois Funds’ investments were
maintained at a bank, a third-party service
provider and program manager, which provided
investment inventory reports to the Office.
While the Office relied on these reports to
present investment holdings in its financial
statements, it did not have adequate
internal controls in place to ensure the
Office’s internal accounting records were
accurately and consistently reconciled to
the investment inventory reports provided by
the bank. A formal preparer and reviewer was
not documented and reconciling items were
not included on the inventory spreadsheet.
(Finding 1, page 75)

We recommended the Office improve controls
over the review of investments by completing
a reconciliation between the Office’s
accounting records and the bank records that
includes a formal sign-off of preparer and
reviewer on a monthly basis.

The Office accepted the audit
recommendation. The Office stated it has
implemented a new reconciliation procedure
over these funds.

AUDITOR’S OPINION

The auditors stated the financial statements
of the Office as of and for the years ended
June 30, 2024, and June 30, 2023, are fairly
stated in all material respects.

This financial audit was conducted by Crowe
LLP.

COURTNEY DZIERWA
Division Director

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

FRANK J. MAUTINO
Auditor General

FJM:SJS