Audit Awareness: Preparing for One-Off Supplemental Audits

School district officials in the State of Illinois are familiar with the headaches and hassles involved in undergoing annual audits, but they can’t afford to let their guards down when it comes to the supplemental audits that are increasingly coming between yearly examinations. With the recent implementation of the Uniform Grant Guidance, as well as additional regulatory reviews from agencies such as the Illinois State Board of Education (ISBE), Teachers’ Retirement System of the State of Illinois (TRS), and Illinois Municipal Retirement Fund (IMRF), school districts have been subject to greater numbers of these supplemental audits and the potentially costly funding recaptures that can result when significant noncompliance is detected.