This report of the Illinois Workers’ Compensation Commissions’ Self-Insurers Security Fund (Fund) should be read in conjunction with the FY16 financial statements of the Fund and the auditor’s report dated January 4, 2018.
In FY16, the auditors issued an adverse opinion on the Fund’s financial statements due to the Commission having an inadequate process to determine the claims liabilities of the Fund, and because the proper accounting treatment for the insolvent self-insurer security collected by the State of Illinois is not determinable due to two different irreconcilable interpretations of the Worker’s Compensation Act. Because of the adverse auditor opinion of the Fund’s financial statements for the year ended June 30, 2016, the audit reports for the year ended prior to June 30, 2016 should not be relied upon without considering the auditor’s report dated January 4, 2018.
WILLIAM G. HOLLAND Iles
Park Plaza |
INTRODUCTION This audit was limited to an examination of the Self-Insurers' Security Fund for the purpose of rendering an opinion on the financial statements of the fund. A compliance audit for the two-year period ending June 30, 1997 will be performed next year. The Fund was established to provide compensation for employees of insolvent self-insured employers for injuries and occupational disease. AUDITORS'OPINION Our auditors state that the June 30, 1996 financial statements of the Industrial Commission Self-Insurers' Security Fund were fairly stated.
WGH:ROQ:ak SPECIAL ASSISTANT AUDITORS Philip Rosenstrock & Company were our special assistant auditors for this audit. {Expenditures and Activity Measures are summarized on the next page.} |
INDUSTRIAL COMMISSION
FINANCIAL AUDIT
For the Year Ended June 30, 1996
FINANCIAL STATISTICS |
FY 1996 |
FY1995 |
|
$8,017,310 $8,017,310 $1,690,739 $1,484,158 $(1,455,639) $(1,239,058) |
$7,839,822 $7,839,822 $730,052 $601,813 $395,162 $523,401 |