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Monday, December 9, 2019

Report: Treasurer's Office didn't full analyze pricing sources for investments

State Government

By Robert Hadley | Apr 23, 2018

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The Illinois Auditor General's office has released a financial audit and compliance examination report on the Treasurer's Office's fiscal officer responsibilities for the fiscal year ending June 30.

The report was released March 6.

The major findings include adjustments that needed to be made to financial statements, pricing sources and methods that were not fully analyzed and a change from Level 1 to Level 2 on debt security investments, according to Page 3 of the report’s summary.

The report notes that previous auditors had approved of the Level 1 reporting of investments, but a change in the pricing methodology made in consultation with the Government Accounting Standards Board justified the change to Level 2 reporting.

Based on that discrepancy, the current auditors, Crowe Horwath LLP, recommended the Treasurer’s Office carefully research pricing methods for future investment reporting. The Treasurer’s Office did not dispute the findings.

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Illinois Auditor General

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