The Accounting Division prepares and manages the County’s annual financial statements according to generally accepted accounting principles and state statute. Accounting works with departments to provide financial review and reporting, and to assure accuracy of data. Also, the division assists departments in managing payments to vendors when obtaining goods and services for the County, as well as monitor and audit these payments for pricing, accuracy and compliance with County policies and procedures, and State and Federal laws.
Annual Comprehensive Financial Report
As required by Illinois State Statutes, Lake County has an independent audit completed annually and publishes the statements. This audit is prepared in conformity with generally accepted accounting principles and according to government standards issued by the Comptroller General of the United States. Lake County presents these statements in an Annual Comprehensive Financial Report and that also includes supplementary information, as required by the Governmental Accounting Standards Board.
In an effort to enhance transparency about its budget and expenditures, Lake County government posts monthly check registers that show payments for all goods and services. Lake County also posts annual expenditures by vendor. The reports show payments for all goods, services, and/or reimbursements during the County's fiscal year.