(20 ILCS 2510/2510-25)
Sec. 2510-25.
Audit performance and review.
(a) Upon the Department's designation of the agreed-upon procedures to be
followed by a
practitioner in a certified audit, the qualified practitioner shall perform
the engagement and shall
timely submit a completed report to the Department. The report shall affirm
completion of the agreed-upon
procedures and shall provide any required disclosures.
(b) The Department shall review the report of the certified audit and
shall accept it when it is
determined to be complete. Once the report is accepted by the Department, the
Department shall issue
a notice of proposed assessment reflecting the determination of any additional
liability reflected in the
report and shall provide the taxpayer with all the normal payment, protest, and
appeal rights with
respect to the liability, including the right to a review by the Informal
Conference Board. In cases where the report indicates an overpayment
has been made, the
taxpayer shall submit a properly executed claim for refund to the
Department. Otherwise, the
certified audit report is a final and conclusive determination with respect to
the tax and period
covered. No additional assessment may be made by the Department for the
specific taxes and period
referenced in the report, except upon a showing of fraud or material
misrepresentation. This
determination shall not prevent the Department from collecting liabilities not
covered by the report or
from conducting an audit or investigation and making an assessment for
additional tax, penalty, or
interest for any tax or period not covered by the report.
(Source: P.A. 92-456, eff. 8-21-01.)
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