Illinois Administrative Code
Title 44 - GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT
Part 1120 - OFFICE OF THE COMPTROLLER STANDARD PROCUREMENT
Subpart U - MISCELLANEOUS PROVISIONS OF GENERAL APPLICABILITY
Section 1120.7020 - Records and Audits

Universal Citation: 44 IL Admin Code ยง 1120.7020

Current through Register Vol. 48, No. 38, September 20, 2024

a) Retention of Books and Records.

Books and records that relate to performance of an IOC contract, including subcontracts, and that support amounts charged to the IOC shall be maintained:

1) by a contractor, for three years from the date of final payment under the prime contract;

2) by a subcontractor, for at least three years from the date of final payment under the subcontract; and

3) by a contractor and subcontractor for such longer period of time as is necessary to complete ongoing or announced audits.

b) Contract Audit.

1) Types of Contracts Audited. The type of contract under which books and records should be audited is that in which price is based on costs or is subject to adjustment based on costs, or that in which auditing would be appropriate to assure satisfactory performance, such as a time and materials contract.

2) Situations in which an audit may be warranted include but are not limited to when a question arises in connection with:
A) the financial condition, integrity, and reliability of the contractor or subcontractor;

B) any prior audit experience;

C) the adequacy of the contractor's or subcontractor's accounting system;

D) the number or nature of invoices or reimbursement vouchers submitted by the contractor or subcontractor for payment;

E) the use of federal assistance funds;

F) the fluctuation of market prices affecting the contract; or

G) any other situation when the CPO or SPO finds that such an audit is necessary for the protection of the State's best interest.

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