FOR IMMEDIATE RELEASE Date: January 10, 2002
Contact: Cheryl D. Peck
UIS professor contributes expertise to District of Columbia report
SPRINGFIELD – The District of Columbia Appropriations Act recently signed by President George Bush contains a provision written by a University of Illinois at Springfield accountancy professor.
Davis R. Olson, associate professor of accountancy at UIS, submitted testimony to the District of Columbia Subcommittee of the U.S. House Appropriations Committee recommending legislative language about how the District’s financial report should be prepared. Olson suggested that the appropriation bill specify how the budgetary comparison statement should be prepared and the level of audit scrutiny that it should receive.
“The appropriation bill that was signed by President Bush will require that the budgetary comparison statement be prepared and audited as I recommended,” Olson said.
In April 2001, the House Appropriations Committee invited Olson to present testimony to the subcommittee. He had previously provided technical assistance to the subcommittee staff in 1997 and 1998 about problems they were having with the District government’s financial reports and their auditors. It was in that connection that Olson realized that a new accounting standard issued by the Governmental Accounting Standards Board might produce problems similar to past experience.
Olson’s insights were the basis for his July 2001 testimony to the D.C. subcommittee.
Americo Miconi, clerk and staff director of the Subcommittee on District of Columbia Appropriations, expressed his gratitude to Olson for the contributions he has made in improving the District government’s Comprehensive Annual Financial Report, saying it is now a much more useful document. Olson said he was honored and very pleased to be invited to provide assistance.