Laserfiche WebLink
•Preparation of the Annual Financial Report(AFR)for the Illinois Comptroller's Office <br /> Audit objectives <br /> The objectives of our audit of the financial statements are to obtain reasonable assurance about whether the <br /> financial statements as a whole are free from material misstatement,whether due to fraud or error,and to <br /> issue an auditors'report that includes our opinion about whether your financial statements are fairly <br /> presented,in all material respects,in conformity with accounting principles generally accepted in the <br /> United States of America(U.S.GAAP).Reasonable assurance is a high level of assurance but is not absolute <br /> assurance and therefore is not a guarantee that an audit conducted in accordance with auditing standards <br /> generally accepted in the United States of America(U.S.GAAS)will always detect a material misstatement <br /> when it exists.Misstatements,including omissions,can arise from fraud or error and are considered <br /> material if there is a substantial likelihood that,individually or in the aggregate,they would influence the <br /> judgment made by a reasonable user based on the financial statements. <br /> Our audit will be conducted in accordance with U.S.GARS;the standards for financial audits contained in <br /> Government Auditing Standards,issued by the Comptroller General of the United States;and the audit <br /> requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, <br /> Cost Principles,and Audit Requirements for Federal Awards(Uniform Guidance).Those standards <br /> require us to be independent of the entity and to meet our other ethical responsibilities,in accordance with <br /> the relevant ethical requirements relating to our audit.Our audit will include tests of your accounting <br /> records,a determination of major program(s)in accordance with the Uniform Guidance,and other <br /> procedures we consider necessary to enable us to express opinions and render the required reports. <br /> We will perform procedures on the financial information of Civic Center Authority(or request other <br /> auditors to perform procedures on the financial information of Civic Center Authority)to enable us to <br /> express our opinions. <br /> We will apply certain limited procedures to the RSI in accordance with U.S.GAAS.However,we will not <br /> express an opinion or provide any assurance on the RSI because the limited procedures do not provide us <br /> with sufficient evidence to express an opinion or provide any assurance.We will also perform procedures to <br /> enable us to express an opinion on whether the supplementary information(as identified above)other than <br /> RSI accompanying the financial statements is fairly stated,in all material respects,in relation to the <br /> financial statements as a whole. <br /> The objectives of our audit also include: <br /> -Reporting on internal control over financial reporting and on compliance with the provisions of laws, <br /> regulations,contracts,and award agreements,noncompliance with which could have a material effect on <br /> the financial statements in accordance with Government Auditing Standards. <br /> -Reporting on internal control over compliance related to major programs and expressing an opinion(or <br /> disclaimer of opinion)on compliance with federal statutes,regulations,and the terms and conditions of <br /> federal awards that could have a direct and material effect on each major program in accordance with the <br /> Uniform Guidance. <br /> Page 2 of 12 <br />