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TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION PART 1010 STUDENT LOAN SERVICING RIGHTS ACT SECTION 1010.210 PREPARATION OF INDEPENDENT AUDIT REPORT
Section 1010.210 Preparation of Independent Audit Report
a) Each licensee shall annually cause its books and accounts to be audited by a certified public accountant not connected with the licensee. The audit shall be filed with the Division within 105 days after the end of the licensee's fiscal year. The audit shall be sufficiently comprehensive in scope to permit the expression of an opinion on the financial statements, which shall be prepared in accordance with generally accepted accounting principles and shall be conducted in accordance with generally accepted auditing standards.
b) Audit reports not filed with the Division within 105 days after the end of a licensee's fiscal year as specified in subsection (a), unless extended for cause by the Director, shall cause the licensee to pay a fee at the rate of $50 per calendar day for up to three months. To qualify for an extension of time, a licensee shall apply to the Director in writing before the audit report filing deadline with an explanation of the licensee's need for an extension. In determining whether to grant an extension of time, the Director shall consider whether the extension of time is based on conditions beyond the control of the licensee.
c) The Director may appoint an independent auditor at the expense of the licensee at any time after a licensee has failed to timely file a required audit report.
(Source: Amended at 49 Ill. Reg. 176, effective December 18, 2024) |