REPORT DIGEST
WOLCOTT, WOOD AND TAYLOR, INC.
FINANCIAL AUDIT
For the Year Ended:
June 30, 2003
Summary of Findings:
Total this audit 1
Total last audit 1
Repeated from last audit 0
Release Date:
January 28, 2004
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
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 one finding concerning an improper segregation of duties in the cash receipts area. The
president has authority to perform all functions in this
area. WWT accepted our recommendation to improve controls in the cash receipts area by having the University electronically transfer funds directly to WWT's bank account.
We will review progress towards implementation of our recommendation during our next audit.
AUDITORS’ OPINION
Our auditors stated the Corporation’s June 30, 2003 financial statements are fairly presented in all material respects.
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WILLIAM G. HOLLAND, Auditor General
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SPECIAL ASSISTANT AUDITORS
Our special assistant auditors were Clifton Gunderson LLP.