REPORT DIGEST

REGIONAL OFFICE OF EDUCATION #24: GRUNDY AND
KENDALL COUNTIES

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  January 22, 2025

FINDINGS THIS AUDIT: 1

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

• (24-1) The Regional Office of Education
#24 did not have sufficient internal
controls over the financial reporting
process.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

CONTROLS OVER FINANCIAL STATEMENT
PREPARATION

The Regional Office of Education #24 (ROE)
did not have sufficient internal controls
over the financial reporting process. While
the ROE maintained controls over the
processing of most accounting transactions,
there were not sufficient controls over the
preparation of the cash-basis financial
statements for management or employees in
the normal course of performing their
assigned functions to prevent or detect and
correct financial statement misstatements
and disclosure errors and omissions in a
timely manner. The ROE’s draft financial
statements needed a material adjustment to
the Institute fund in order to present the
financial statements in accordance with the
cash basis of accounting.

The ROE is required to maintain a system of
controls over the preparation of financial
statements in accordance with the cash basis
of accounting. The ROE’s internal controls
over financial reporting should include
adequately trained personnel with the
knowledge, skills, and expertise to prepare
and/or thoroughly review cash-basis
financial statements to ensure that they are
free of material misstatements and include
all disclosures as required by the cash
basis of accounting.

Regional Office management indicated a
grouping issue in the drafting of the
financial statement accounts caused the
revenue and expenses to be overstated.
(Finding 24-001, page 10)

The auditors recommended as part of its
internal control over the preparation of
financial statements, including disclosures,
the ROE should implement comprehensive
preparation and/or review procedures to
ensure the financial statements, including
disclosures, are complete and accurate.
These procedures should be performed by a
properly trained individual(s) possessing a
thorough understanding of applicable
accounting principles and knowledge of the
ROE’s activities and operations.

ROE Response: The ROE financial team met
with the CPA firm that prepares the
financial statements.  All parties
understand the process that needs to be
taken to ensure that the financial
statements, including disclosures, are
complete and accurate.

AUDITORS’ OPINION

Our auditors state the Regional Office of
Education #24’s financial statements as of
June 30, 2024 are fairly presented in all
material respects.

This financial audit was conducted by the
firm of West & Company, LLC.

JOE BUTCHER
Division Director

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

FRANK J. MAUTINO
Auditor General

FJM:BAO