Illinois General Assembly - Bill Status for SB3794

Creates the External Auditing and Standards Board Act. Provides that the Board shall consist of 8 members, and sets forth the membership of the Board. Provides that the Board shall assist the Legislative Audit Commission, the Office of the Auditor General, and the Governor in improving the timeliness, transparency, and process of financial reporting by State agencies. Provides that the Board has certain powers, including the power to suspend or dismiss an internal auditor of any State agency who is deemed unqualified by the Board based on current best practices and qualifications. Requires the Board to develop a certification program for all internal and external auditors. Requires the Board to submit certain reports to the Governor, the General Assembly, and the State agency.

Replaces everything after the enacting clause. Creates the Financial Reporting Standards Board Act. Provides that the Board shall consist of 2 members appointed by the Governor and 3 members appointed by the Comptroller, all with the advice and consent of the Senate. Provides that the Board shall assist the State in improving the timeliness, quality, and processing of financial reporting for the State. Sets forth the powers of the Board. Requires the Internal Auditor of every State agency that submits a GAAP package to submit initial and annual audits to the Board. Provides that the Comptroller's Division of Financial Reporting shall cooperate with the Board in certain matters. Amends the State Finance Act to create the Financial Reporting Standards Revolving Fund. Provides that the Fund shall receive moneys or transfers for GAAP-related services provided to State agencies. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Makes changes concerning the powers of the Financial Reporting Standards Board. Removes certain powers of the Board, including the power to expend appropriations. Removes language from the engrossed bill requiring each Internal Auditor to conduct an initial audit. Provides that the Board shall consist of 3 members appointed by the Comptroller and 3 members appointed by the Governor. Provides that at least one member appointed by each appointing authority must be a Certified Public Accountant. Provides that members who are not Certified Public Accountants shall have relevant experience in business, government accounting, or finance. Removes a provision requiring State agencies to adhere to the Board's guidance in regard to GAAP package processing and maintaining minimum standards for qualifications, training, and education for GAAP Coordinators. Amends the Personnel Code to provide that certain employees having demonstrable accounting, financial reporting, or technical expertise who are employed within executive branch agencies that are required to submit to the Office of the Comptroller financial information for the publication of the Comprehensive Annual Financial Report are exempt from jurisdictions A, B, and C. Effective immediately.

Further amends the Personnel Code. Provides that certain employees having demonstrable, defined advanced skills in accounting, financial reporting, or technical expertise who are employed within executive branch agencies and whose duties are directly related to the submission to the Office of the Comptroller of financial information for the publication of the Comprehensive Annual Financial Report (rather than, certain employees having demonstrable accounting, financial reporting, or technical expertise who are employed within executive branch agencies that are required to submit to the Office of the Comptroller financial information for the publication of the Comprehensive Annual Financial Report) are exempt from jurisdictions A, B, and C.

×