REPORT DIGEST

REGIONAL OFFICE OF EDUCATION # 54: VERMILION
COUNTY

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  February 19, 2025

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: 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

SYNOPSIS

• (24-1) The Regional Office of Education
#54 had inadequate internal control over the
bank reconciliation process.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUATE INTERNAL CONTROL OVER THE BANK
RECONCILIATION PROCESS

The Regional Office of Education #54 (ROE)
had inadequate internal control over the
bank reconciliation process.  The ROE
maintains 13 bank accounts. During our
audit, we noted 7 of 13 year-end bank
reconciliations (54%) have unaccounted
variances, ranging from $2,576 to $7,588.
The ROE subsequently adjusted the financial
statements to address these differences.

Effective internal control policies require
complete and accurate accounting records of
all transactions of the entity. Sound
internal controls require bank
reconciliations to be performed accurately
and promptly, no later than the end of the
following month. Reconciling items should be
investigated immediately, and adjustments
made to the general ledger. Bank
reconciliations should also be reviewed and
approved by a person independent of the
preparer in a timely manner.

Regional Office officials indicated
reconciling items were not adjusted due to
competing priorities. (Finding 24-001, page
11)

The auditors recommended the ROE should have
an individual, independent of the general
ledger processes, review the bank
reconciliation to ensure agreement to the
general ledger.

ROE Response: The Regional Office will have
an individual who is independent of the
general ledger processes review the bank
reconciliation to ensure agreement with the
general ledger.

AUDITORS’ OPINION

Our auditors state the Regional Office of
Education #54’s financial statements as of
June 30, 2024 are fairly presented in all
material respects.

This financial audit was conducted by the
firm of Adelfia 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