The annual audits must include an examination of the financial statements of all funds and account groups of the District and the examination shall be made and conducted in accordance with generally accepted auditing standards promulgated by the American Institute of Certified Accountants and Government Auditing Standards issued by the Comptroller General of the United States. In addition, the examination shall be based upon the requirements established under the Single Audit Act Amendments of 1996, OMB Circular A-133, Audit of States, Local Governments, and Non-Profit Organizations, all modifications or successor provisions thereto, and all regulations promulgated or otherwise required by the Illinois State Board of Education, expressly including those identified in its Guide to Auditing and Reporting for Illinois Public Local Education Agencies. The audits and examinations shall be conducted in full accordance with all laws and regulations of the State of Illinois, including The School Code, which are applicable in any way to the District and its operations.
