REPORT DIGEST

OFFICE OF THE TREASURER – ILLINOIS SECURE
CHOICE SAVINGS PROGRAM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2020

Release Date:  February 17, 2021

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

Category 1: Findings that are material
weaknesses in internal control and/or a
qualification on compliance with State
laws and regulations (material
noncompliance).
Category 2: Findings that are significant
deficiencies in internal control and
noncompliance with State laws and
regulations.
Category 3: Findings that have no
internal control issues but are in
noncompliance with State laws and
regulations.

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, Iles Park
Plaza, 740 E. Ash Street, Springfield, IL
62703
(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

• (20-01) The Office does not have
adequate internal controls over the
Secure Choice Program financial statement
preparation and review process.

FINDINGS, CONCLUSIONS, AND
RECOMMENDATIONS

INADEQUATE INTERNAL CONTROLS RELATED TO
PREPARATION AND REVIEW OF FINANCIAL
STATEMENTS

The Office does not have adequate
internal controls over the Secure Choice
Program financial statement preparation
and review process.

During testing of the Office’s Secure
Choice financial statements, the Office
was unable to provide adequate
documentation the Office performed due
diligence procedures on the support
provided by the Secure Choice Program
Manager utilized in the preparation of
the financial statements, notes to the
financial statements, and supplementary
information. The Office utilized Excel
spreadsheets prepared by the Program
Manager to develop the financial
reporting package, but did not perform
procedures to verify the spreadsheets
agreed to the underlying support. In
addition, the underlying support included
manual journal entries made by the
Program Manager that were not verified by
the Office.  (Finding 1, page 44)

We recommended the Office improve
controls over the financial statement
process, specifically:
• Perform and document due diligence
procedures to verify the accuracy of
underlying financial reporting support
provided by the Program Manager.
• Properly document financial reporting
adjustments.

The Office accepted the finding and
stated the Office will examine the review
and documentation procedures of Program
Manager support used in preparation of
the financial statements for improvement.

AUDITOR’S OPINION

The auditors stated the financial
statements of the Office of the
Treasurer, Illinois Secure Choice Savings
Program as of and for the year ended June
30, 2020 are fairly stated in all
material respects.

This financial audit was conducted by
Crowe LLP.

JANE CLARK
Division Director

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

FRANK J. MAUTINO
Auditor General

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