REPORT DIGEST

ILLINOIS CONSERVATION FOUNDATION

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  February 20, 2025

FINDINGS THIS AUDIT: 1

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

FINDINGS LAST AUDIT: 1

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

INTRODUCTION

This digest covers the financial audit of
the Illinois Conservation Foundation
(Foundation) as of and for the year ended
June 30, 2024.

SYNOPSIS

• (24-01)  The Foundation did not have
adequate controls over review of internal
controls over its service providers.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

LACK OF ADEQUATE CONTROLS OVER THE REVIEW OF
INTERNAL CONTROLS OVER SERVICE PROVIDERS

The Illinois Conservation Foundation
(Foundation) did not have adequate controls
over the review of internal controls over
its service providers.

During testing of the six service providers,
we noted the Foundation had not:

• Obtained the System and Organization
Controls (SOC) reports or performed
independent reviews of internal controls
associated with outsourced systems for two
(33%) service providers.

• Adequately documented the review of SOC
reports for four (67%) service providers.

• Obtained and reviewed SOC reports for
subservice providers or performed
alternative procedures to determine the
impact on its internal control environment.
Two service providers’ (33%) SOC reports
identified subservice providers.

• Monitored and documented the operation of
the Complementary User Entity Controls
(CUECs) relevant to its operations for three
(50%) service providers.

• Ensured a requirement for an independent
review of internal controls was included
within the contract between the Foundation
and the one (17%) service provider.

• Conducted an analysis to determine the
impact of noted deviations within the SOC
reports for two (33%) service providers.

• Obtained a bridge letter for one (17%)
service provider when the SOC report did not
encompass the entire audit period. (Finding
1, pages 30-31) This finding was first
reported in fiscal year 2021

We recommended the Foundation:

• Obtain and review SOC reports or perform
independent reviews of internal controls
associated with outsourced system at least
annually.
• Adequately document the review of SOC
reports.
• Either obtain and review SOC reports for
subservice providers or perform alternative
procedures to satisfy the use of the
subservice providers would not impact the
Foundation’s internal control environment.
• Monitor and document the operation of
CUECs relevant to the Foundation’s
operations.
• Review contracts with service providers to
ensure applicable requirements over the
independent review of internal controls are
included.
• Conduct an analysis to determine the
impact of noted deviations within the SOC
reports.
• Obtain bridge letters when SOC reports do
not cover the entire audit period.

The Foundation agreed with the
recommendation.

AUDITOR’S OPINION

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


This financial audit was conducted by Roth &
Company, 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:vrb