|
| | SB1404 Engrossed | | LRB099 09013 SXM 29193 b |
|
|
| 1 | | AN ACT concerning finance.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Financial Reporting Standards Board Act is |
| 5 | | amended 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| 7 | | (Section scheduled to be repealed on June 30, 2016) |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 |
| 10 | | a GAAP package must submit an annual internal audit of its GAAP |
| 11 | | and financial statement process, if applicable, to the Board. |
| 12 | | If a State agency does not have an Internal Auditor, it must |
| 13 | | either use an Internal Auditor from another State Agency or |
| 14 | | contract with an independent Certified Internal Auditor or an |
| 15 | | independent registered or licensed Certified Public Accountant |
| 16 | | to perform the audit. |
| 17 | | (a-5) In conformity with subsection (m) of Section 7 of the |
| 18 | | Freedom of Information Act, all materials prepared or compiled |
| 19 | | with respect to internal audits of State agencies shall remain |
| 20 | | exempt from disclosure. The internal audit reports cited in |
| 21 | | this Act shall be considered confidential. |
| 22 | | (b) The Board shall review all information submitted and |
| 23 | | may prepare a report for the Comptroller and the Governor.
The |