Rep. Tom Demmer

Filed: 4/12/2013

 

 


 

 


 
09800HB1562ham001LRB098 10396 OMW 44342 a

1
AMENDMENT TO HOUSE BILL 1562

2    AMENDMENT NO. ______. Amend House Bill 1562 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Governmental Account Audit Act is amended
5by changing Section 11 as follows:
 
6    (50 ILCS 310/11)  (from Ch. 85, par. 711)
7    Sec. 11. Except as otherwise provided in Section 6-31011 of
8the Counties Code or Section 8-8-10 of the Illinois Municipal
9Code, the The governing body of a governmental unit may
10establish an audit committee, and may appoint members of the
11corporate authority or other appropriate officers to the
12committee, to review audit reports prepared under this Act and
13any other financial reports and documents, including
14management letters prepared by or on behalf of the unit.
15(Source: P.A. 82-644.)
 

 

 

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1    Section 10. The Counties Code is amended by changing
2Section 6-31011 as follows:
 
3    (55 ILCS 5/6-31011)  (from Ch. 34, par. 6-31011)
4    Sec. 6-31011. Finance and audit Audit committee. On the
5effective date of this amendatory Act of the 98th General
6Assembly, the The corporate authorities of a county shall may
7establish a finance and an audit committee, and shall may
8appoint members of the corporate authority, or other
9appropriate officers, and members of the public to the
10committee, to review audit reports prepared under this Division
11and any other financial reports and documents, including
12management letters prepared by or on behalf of the county.
13    The duties of the finance and audit committee shall
14include, but are not limited to:
15        (1) inspecting, on a semi-annual basis, the
16    treasurer's books and accounts;
17        (2) reviewing, on a semi-annual basis, all financial
18    accounts and financial activities of the county with any
19    bank, savings and loan association, savings bank, credit
20    union, or any other financial institution;
21        (3) reviewing, on an annual basis, a list of all county
22    accounts with any bank, savings and loan association,
23    savings bank, credit union or any other financial
24    institution;
25        (4) reviewing, on a semi-annual basis, any management

 

 

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1    letters prepared by or on behalf of the county;
2        (5) reviewing, on an annual basis, all audit reports
3    prepared under this Division; and
4        (6) reviewing any other financial reports and
5    documents prepared by or on behalf of the county.
6(Source: P.A. 86-962.)
 
7    Section 15. The Illinois Municipal Code is amended by
8changing Section 8-8-10 as follows:
 
9    (65 ILCS 5/8-8-10)  (from Ch. 24, par. 8-8-10)
10    Sec. 8-8-10. Finance and audit committee. On the effective
11date of this amendatory Act of the 98th General Assembly, the
12The corporate authorities of a municipality shall may establish
13a finance and an audit committee, and shall may appoint members
14of the corporate authority, or other appropriate officers, and
15members of the public to the committee, to review audit reports
16prepared under this Act and any other financial reports and
17documents, including management letters prepared by or on
18behalf of the municipality.
19    The duties of the finance and audit committee shall
20include, but are not limited to:
21        (1) inspecting, on a semi-annual basis, the
22    treasurer's books and accounts;
23        (2) reviewing, on a semi-annual basis, all financial
24    accounts and financial activities of the municipality with

 

 

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1    any bank, savings and loan association, savings bank,
2    credit union, or any other financial institution;
3        (3) reviewing, on an annual basis, a list of all
4    municipal accounts with any bank, savings and loan
5    association, savings bank, credit union or any other
6    financial institution;
7        (4) reviewing, on a semi-annual basis, any management
8    letters prepared by or on behalf of the municipality;
9        (5) reviewing, on an annual basis, all audit reports
10    prepared under this Act; and
11        (6) reviewing any other financial reports and
12    documents prepared by or on behalf of the municipality.
13(Source: P.A. 82-644.)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".