Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 180]

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1929]

UNIVERSITY OF ILLINOIS Appendix C

177

TENTATIVE PROGRAM FOR REGULAR QUARTERLY A UDITS MARCH 31, 1929

1. Examination of the general ledger accounts, proof of postings from books of original entry, proof of footings and balances. 1. Tracing into the cash books all cash receipts vouchers, vouchers certified to the State Auditor and warrants drawn on the University Treasurer; proof of footings of cash books and postings to the general ledger. 3. Comparison of totals of deposits, totals of warrants drawn and cash balance as shown by the records of the Business Office with the statements rendered by the Treasurer of the University. 4. Verification of cash balance by confirmation to be obtained direct from the depository bank and by inspection of certificates of deposit. 5. Verification of petty cash funds by actual count and by reconciling petty cashiers' bank balances with confirmations from the depository Banks. In the case of petty cash funds advanced to persons connected with the University but not located in Urbana, inspection of written acknowledgments in the hands of the Bursar. 6. Inspection of bonds, mortgages and other securities held by the Treasurer of the University and agreeing the securities seen with the securities ledger. 7. Inspection of trust fund notes receivable (students' loans) and totaling and agreeing them with the control account in the general ledger. 8. Checking the summaries of charge sales (journal sheets) into the invoice register; footing the invoice register and checking posting of totals to the general ledger. 9. Examination of accounts receivable ledger and agreeing total of balances with control account in the general ledger. 10. Balancing all general journal entries and checking posting to the general ledger. 11. Reconciling the State Auditor's statement of vouchers paid with the Business Office records of vouchers certified. 12. Detail examination of changes in non-expendable trust fund reserve. 13. Auditing the accounts of the Stadium Fund to the same extent as the accounts of the University. 14. Substantial tests of income, by comparing the original records of departments producing income, together with independent calculations, where applicable, with the records in the Business Office. 15. Examining a number of vouchers supporting the disbursements, as to authorization, receipt of goods and services, agreement with purchase orders, classification of expenditure and approval by the Comptroller and the Auditor. This examination should be more extensive with respect to local disbursements. M a y 16, 1929 16. Trustees, the records Illinois, Urbana, the Board of Trustees with respect Board of ExaminingUniversity of of the meetings ofIllinois to all actions affecting thefinancesof the University, and noting the effect given them D e a r Sirs, in the records of thethe certificate which we have given concerning the audit of the In reference to Business Office. 17. of the University for the quarter ending March 31, the Board of to state accountsChecking the Quarterly Report of the Comptroller to 1929, w e wish Trustees against expression "so detail ledger accounts in the Business Office. that thethe general and far as w e have been able to ascertain by a detailed audit" is not a18. Auditing the our certificate. qualification of books and records of the Business Office of the Chicago Departments e are perfectly satisfied that all of the income of of the University at been reW to the same extent as those of the Business Office the University has Urbana. ceived and accounted for. W h a t we meant by the expression was that it is conceivable