99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1404
 
Introduced 2/20/2015, by Sen. Linda Holmes
 
SYNOPSIS AS INTRODUCED:
 

 
30 ILCS 30/20

     Amends the Financial Reporting Standards Board Act. Provides that if a State agency does not have an Internal Auditor, it must either use an Internal Auditor from another State Agency or contract with an independent Certified Internal Auditor or an independent registered or licensed Certified Public Accountant to perform the audit. Provides that all internal audit report materials shall be considered exempt from disclosure under the Freedom of Information Act. Provides that the Financial Reporting Standards Board shall not disclose any confidential information in its reports to the Comptroller and the Governor.  Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB1404LRB099 09013 SXM 29193 b


  
1    AN ACT concerning finance.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Financial Reporting Standards Board Act is 
5amended  by changing Section 20 as follows:
 
6    (30 ILCS 30/20)

7    (Section scheduled to be repealed on June 30, 2016)
8    Sec. 20. Audits. 
9    (a)  The Internal Auditor of every State agency that submits 
10a GAAP package must submit an annual internal audit of its GAAP 
11and financial statement process, if applicable, to the Board. 
12If a State agency does not have an Internal Auditor, it must 
13either use an Internal Auditor from another State Agency or 
14contract with an independent Certified Internal Auditor or an 
15independent registered or licensed Certified Public Accountant 
16to perform the audit. 
17    (a-5)  In conformity with subsection (m) of Section 7 of the 
18Freedom of Information Act, all materials prepared or compiled 
19with respect to internal audits of State agencies shall remain 
20exempt from disclosure.  The internal audit reports cited in 
21this Act shall be considered confidential. 
22    (b)  The Board shall review all information submitted and 
23may prepare a report for the Comptroller and the Governor.
The 
 
 
SB1404- 2 -LRB099 09013 SXM 29193 b

1Board shall not disclose any confidential information in its 
2reports to the Comptroller and the Governor. 

3(Source: P.A. 97-1055, eff. 8-23-12.)
 
 
4    Section 99. Effective date. This Act takes effect upon 
5becoming law.