The Board shall employ each year an independent certified public accountant to audit the college's books of record. Such audit shall include a financial audit of all operating, restricted and other funds of the college and shall include a compliance audit of specific restricted funds and certain other enrollment and financial data as required by the ICCB or other grantor agencies. The audit shall be performed in the manner prescribed by the ICCB Fiscal Management Manual as may be from time to time revised by the ICCB. The audit report shall include recommendations from the auditor concerning potential improvements in accounting methods or other fiscal management matters.
The audit shall be completed and copies presented to the Board of Trustees for their review at a regular Board meeting prior to December 30. The Board shall each year formally receive the audit and direct the administration to take specific action concerning recommendations made by the auditor. Copies of the audit shall be provided to the ICCB, the County Clerks of Kankakee, Livingston, Iroquois, Grundy, Ford, and Will Counties and such other agencies and officials as the college may be required by law or regulation to provide copies. A copy of the audit shall be made available for public inspection in the college's business office.