Fall is audit season for the Village of Park Forest, a process that keeps the Finance Department busy ensuring the Village’s financial records meet state requirements and industry standards.

Unlike IRS audits, which often carry a negative connotation, municipal audits are required annually by Illinois law for nearly all units of local government. Park Forest’s review is conducted by an independent certified public accounting firm, not federal tax officials.

“The audit is really a series of tests on the policies, procedures, and financial management practices of the Village Board and staff,” Finance Director Mark Pries said. “It’s about ensuring transparency and accountability.”

Year-round preparation
 The Village’s fiscal year ends June 30, but preparations for the audit begin well before that date. Staff meet with the auditors in June to establish the schedule. From July through early September, finance staff work to compile spreadsheets, statements, and other documents requested by the audit team.

By late September or early October, auditors arrive at Village Hall and begin reviewing the data. During this period, they test financial records and request adjustments when necessary to make sure the Village’s books and the auditors’ records align. For the Finance staff, this is among the busiest stretches of the year.

Draft reviews and oversight
 Once the auditors complete their initial review, they send draft reports to Village staff from mid-October through late November. Each draft undergoes multiple layers of internal oversight within the accounting firm, with more experienced auditors reviewing the work before final approval.

“The auditors want to make sure every set of numbers balances,” Pries said. “That requires continuous communication between their staff and ours until both sides are in agreement.”

Final reports and recognition
 By early December, auditors will have issued their final reports to the Village Board. These include the annual audit, the police and fire pension fund audits, the federally mandated Single Audit, library financial reports, Tax Increment Financing (TIF) reports, and several compliance reports.

Once finalized, the documents are filed with state, federal, and financial agencies. Park Forest also submits its reports to the Government Finance Officers Association (GFOA) for the Certificate of Achievement in financial reporting. The Village has earned the award — the highest recognition for governmental audits — for 29 consecutive fiscal years.

For more than 20 years, Park Forest’s annual audits have also returned with no concerns.

Overlap with budget planning
 Even as the audit winds down, the Finance Department shifts immediately into budget season. Work on the next year’s budget begins in late October and continues through June, creating significant overlap between the two responsibilities.

“It’s a hectic time, but the audit helps reinforce the Village’s commitment to sound financial management,” Pries said.