SPRINGFILED, IL. (ECWd) -
In February of 2015, the Illinois Department of Financial and Professional Regulations issue their determinations on several of the former auditors for Dixon, Illinois who were their contracted auditors prior to and during the largest municipal theft in the history of the Nation.
The IDFPR's results are below:
Karl Appelquist, Champaign – licensed certified public accountant license (065-
022222) reprimanded and fined $5,000 because during the years 2002-2005, while acting as
CliftonLarsonAllen's Audit Partner in overseeing the auditing services provided to
CliftonLarsonAllen's client, the City of Dixon, Illinois, by CliftonLarsonAllen's subordinate
public accounting audit staff, respondent failed to design audit procedures which would have
detected significant financial fraud during those years.
Samuel Card, Sterling – licensed certified public accountant license (065-022857)
placed in refuse to renew status for a minimum of 10 years for failing to design and perform
audit procedures within Generally Accepted Auditing Standards (GAAS), by placing
inappropriate reliance on the City of Dixon, Respondent's audit client, and the City of Dixon's
third party agent, the Public Accountant Firm, Clifton Gunderson LLP, who performed
bookkeeping, compilation and other financial services for the City of Dixon.
CliftonLarsenAllen, Peoria – public accountant firm license (066-004450) fined
$40,000 because during the years 2002-2005, Respondent provided auditing services to
respondent's client through its public accountant staff to the City of Dixon, Illinois and
respondent failed to design audit procedures which would have detected significant financial
fraud during those years.