SB1944 Engrossed

LRB094 11546 MKM 42521 b






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    AN ACT concerning local government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Governmental Account Audit Act is amended  by 
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changing Sections 2 and 3 as follows:
 



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    (50 ILCS 310/2)  (from Ch. 85, par. 702)



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    Sec. 2. Except as otherwise provided in Section 3, the 
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governing body of
each governmental unit shall cause an audit 
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of the accounts of the unit to be
made by a licensed public 
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accountant. Such audit shall be made annually and
shall cover 
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the immediately preceding fiscal year of the governmental unit.

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The audit shall include an accurate financial report for all 
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the accounts and funds of the governmental
unit, including the 
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accounts of any officer of the governmental unit who
receives 
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fees or handles funds of the unit or who spends money of the 
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unit.
The audit shall begin as soon as possible after the close 
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of the last
fiscal year to which it pertains, and shall be 
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completed and the audit
report filed with the Comptroller 
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within 6 months after the close of such
fiscal year unless an 
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extension of time is granted by the Comptroller in
writing.  An 
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audit report which fails to meet the requirements of this
Act 
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shall be rejected by the Comptroller and returned to the 
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governing body
of the governmental unit for corrective action. 
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The
licensed public accountant making the audit shall submit 
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not
less than 3 copies of the audit report to the governing 
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body of the
governmental unit being audited. As used in this 
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Section, "accurate financial report" means a clean opinion 
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audited financial statement.


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(Source: P.A. 85-1000.)

 



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    (50 ILCS 310/3)  (from Ch. 85, par. 703)



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    Sec. 3. Any governmental unit receiving revenue of less 
 


 






SB1944 Engrossed
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LRB094 11546 MKM 42521 b




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than $850,000 for any fiscal year shall,
in lieu of complying 
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with the requirements of Section 2 for audits and
audit 
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reports, file with the Comptroller an accurate and complete
a

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financial report containing
information required by the 
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Comptroller.  In addition, a governmental unit
receiving 
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revenue of less than $850,000
may file with the Comptroller any 
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audit
reports which may have been prepared under any other law. 
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Any governmental
unit receiving revenue of $850,000 or more for

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any fiscal year shall, in addition
to complying with the 
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requirements of Section 2 for audits and audit
reports, file 
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with the Comptroller the financial report required by this

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Section.  Such financial reports shall be on forms so designed 
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by the
Comptroller as not to require professional accounting 
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services for its
preparation.

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(Source: P.A. 92-582, eff. 7-1-02.)