UAFR regularly emphasizes the importance of accurate financial reporting for the University of Illinois System’s audited financial statements. But have you ever wondered exactly why accurate financial reporting is so important (other than trying to avoid external audit findings)? If so, see below for a partial list of benefits provided by accurate financial statements:
- Provides external users of our financial statements (such as regulatory agencies, sponsors, banks, donors, credit-rating agencies, and accrediting bodies) accurate information for analyzing our institution. This helps demonstrate the system’s stewardship of the various financial resources it receives, which in turn can help ensure continued funding and lower borrowing costs in the future.
- Provides system management and leadership accurate information that can be used for analysis, budgeting, forecasting, and compliance monitoring purposes, which is essential for informed decision-making and strategic planning purposes.
- Provides a way to compare the system to its peers in other institutions across the nation and beyond.
These are just some of the many benefits of accurate financial reporting. To learn more, visit the University of Illinois System Annual Financial Statements and Reports webpage, which contains complete sets of audited financial statements from prior fiscal years.
Contact
If you have additional questions related to this topic, contact UAFR at (217) 333-4568 or uas@uillinois.edu.
