REPORT DIGEST
WOLCOTT, WOOD AND TAYLOR, INC.
FINANCIAL AUDIT
For the Year Ended:
June 30, 2002
and
COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 2002
Summary of Findings:
Total this audit 1
Total last audit 0
Repeated from last audit 0
Release Date:
February 27, 2003
State of Illinois
Office of the Auditor General
WILLIAM G. HOLLAND
AUDITOR GENERAL
To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217)782-6046 or TDD (217) 524-4646
This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor
INTRODUCTION
Wolcott, Wood and Taylor, Inc. (WWT) is an Illinois not-for-profit corporation created by the Board of Trustees of the University of Illinois. WWT was created to provide billing and collection services and practice management support services for the Medical Service Plan of the College of Medicine of the University of Illinois at Chicago.
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
Our report contains only one compliance finding concerning the lack of an approved financial policies and procedures manual and an employee handbook. The Corporation accepted our recommendation to finalize the policies and have them approved by its Board of Directors. WWT management stated this would occur in FY 2003.
We will review progress towards implementation of our recommendation during our next compliance audit.
AUDITORS’ OPINION
Our auditors stated the Corporation’s June 30, 2002 financial statements are fairly presented in all material respects.
____________________________________
WILLIAM G. HOLLAND, Auditor General
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SPECIAL ASSISTANT AUDITORS
Our special assistant auditors were BKD, LLP.