Major accounting errors cited at Illinois Tollway

The state's fiscal watchdog reports that the Illinois Tollway understated more than $150 million in revenues, expenses and assets in 2008 because it failed to comply with proper accounting procedures.

Illinois Auditor General William Holland's office said Wednesday a new audit shows significant deficiencies in internal control over financial reporting at the tollway.

The Illinois State Toll Highway Authority corrected the underreported amounts in its final financial statements.

In one instance, the audit found that the tollway understated its net assets for 2007 by $74 million as a result of an accounting error.

In another, the audit found that improper bookkeeping caused some revenues and expenses to be underreported by $81 million.

The tollway characterized some of the problems as "clerical errors" and said it has taken steps to address the shortcomings.