30 ILCS 5/1-14

(30 ILCS 5/1-14) (from Ch. 15, par. 301-14)

Sec. 1-14.

Performance audit.
"Performance audit" means an objective and systematic examination of
evidence
in order to provide an independent assessment of the performance and management
of a
program against objective criteria. Performance audits provide information to
improve
program operations and facilitate decision-making by parties with
responsibility to
oversee or initiate corrective action, and improve public accountability.

Performance audits include management audits, which are also called economy
and efficiency audits,
and program audits.
A program audit addresses the
effectiveness of a
program
and typically measures the extent to which a program is achieving its goals and
objectives.
An economy and efficiency audit concerns whether
an
agency is acquiring, protecting, and using its resources in the most productive
manner to
achieve program objectives.
Program audits and economy and efficiency audits may include an
assessment
of:

(1) the extent to which legislative, regulatory, or

organizational goals and objectives are being achieved;

(2) the relative ability of alternative approaches to

yield better program performance or eliminate factors that inhibit program effectiveness;

(3) the relative cost and benefits or cost

effectiveness of program performance;

(4) whether a program produced intended results or

produced effects that were not intended by the program's objectives;

(5) the extent to which programs duplicate, overlap,

or conflict with other related programs;

(6) whether the audited entity is following sound

procurement practices;

(7) the validity and reliability of performance

measures concerning program effectiveness and results or economy and efficiency; and

(8) the reliability, validity, or relevance of

financial information related to the performance of a program.

Performance audits may also encompass objectives related to internal control
and
compliance with legal or other requirements.
Performance audits are to be performed in accordance with generally accepted
government auditing standards (GAGAS) current at the time the audit is
commenced.

(Source: P.A. 93-630, eff. 12-23-03.)