blog posts REMINDER: System-Wide Monitoring of External Consultants and Audit Service Providers Aug 6, 2020 6:00 amThis email is being sent as a final reminder that reports from external consultants and audit service providers received during fiscal year 2020 must be forwarded no later than August 15, 2020.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 informationBusiness processes and potential improved efficienciesFiscal, administrative, and internal controlsCompliance with laws and regulatory requirementsIf 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 reviewAcademic programs and accreditation with only incidental references to financial informationBuilding design or potential construction projects or site inspections of existing structuresCommercialization of intellectual propertyAdditional 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.ContactFor questions concerning this request, please email ConsultRepRev@uillinois.edu or call Mike Godsell at (217) 244-6464.