blog posts REMINDER System-Wide Monitoring of External Consultants and Audit Service Providers Jun 2, 2021 7:45 am by Angela DietzTo: Deans, Directors, and Department Heads REMINDER System-Wide Monitoring of External Consultants and Audit Service Providers This email is being sent as a general reminder that reports from external consultants and audit service providers must be forwarded to the email address below, except in certain instances involving attorney-client privilege where special procedures apply, as indicated below. BackgroundThe University of Illinois System monitors external audits or consultants, attestation engagements, and other studies ensuring all identified risks and deficiencies are adequately assessed and addressed at a system-wide level. These risks/deficiencies include potential non-compliance with state or federal law/regulation, as well as inaccuracies on the system’s audited financial reports issued to bondholders, the State of Illinois and other stakeholders. The system is committed to performing the required monitoring of these activities on a system-wide level. Additionally, the use of external consultants and audit service providers receives significant attention during the system’s annual audit conducted by the Office of the Illinois Auditor General. In order to fulfill this responsibility, units must provide copies of reports or recommendations (draft or final) received from external providers of consulting, advising or auditing services, which pertain to the following types of issues: Financial information Business processes and potential improved efficiencies Fiscal, administrative, and internal controls Compliance with laws and regulatory requirements If your unit has copies of such reports or recommendations that were performed or received pursuant to the attorney-client privilege, please contact the Office of University Counsel for guidance as to whether or not such reports or recommendations are subject to this policy; they are not necessarily exempt from this requirement. Examples of audits, reviews, and consulting recommendations which do not need to be submitted include issues related to: Sponsored projects and grant funding agencies. These reports should continue to be provided to your university’s Grants and Contracts, Post Award Office for review Academic programs and accreditation with only incidental references to financial information Building design or potential construction projects or site inspections of existing structures Commercialization of intellectual property Additional InformationFor additional information, please refer to the Office of Business and Financial Services (OBFS) Policy and Procedures 9.3 Report Activity from Audits, Reviews, Consulting Engagements and Attestation Services Provided by External Parties. Action RequiredSpecifically, we ask that a copy of any report received from such external service providers (including any reports still in draft form) be emailed to ConsultRepRev@uillinois.edu. These report copies will be reviewed by system office staff for potential compliance and financial statement impact. Thank you in advance for your cooperation with this request. If you have questions concerning this request, please email ConsultRepRev@uillinois.edu or call Mike Godsell at (217) 244-6464.