Scope of Proposal The Comprehensive Annual Financial Report (CAFR) and A-133 audit reports must include an examination of all funds/accounts of the College, as described in the audit report found after Page 14 of this document. The audits must include all state and federal compliance requirements as needed. The examination shall be made in accordance with auditing standards general accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards; and OMB circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, including the requirements of the Illinois Community College Board Fiscal Management Manual (available online at www.iccb.state.il.us). A management letter shall also be included. The audit report is due to the Illinois Community College Board by December 31 each year and will be submitted to the Prairie State College’s Board of Trustees for approval at a regularly scheduled meeting prior to ICCB submission (Board of Trustee meeting dates are published on the PSC website). The A-133 single audit is also to be presented to the Board of Trustees, together with the Comprehensive Annual Financial Report or separately if needed. Additionally, the A-133 single audits are to be uploaded by the auditor to the Federal Audit Clearinghouse annually by March 31 for the prior fiscal year.
