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Full Text of HB4104  100th General Assembly

HB4104 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4104

 

Introduced , by Rep. Anthony DeLuca

 

SYNOPSIS AS INTRODUCED:
 
65 ILCS 5/8-8-5  from Ch. 24, par. 8-8-5

    Amends the Illinois Municipal Auditing Law of the Illinois Municipal Code. Provides that audit reports reporting on the financial position and results of financial operations for each fund of the municipality shall be consistent with either the accrual or cash basis of accounting depending upon the system followed by each municipality and shall otherwise be in accordance with generally accepted accounting principles (currently, shall be in accordance with generally accepted accounting principles, insofar as possible).


LRB100 14828 AWJ 29649 b

 

 

A BILL FOR

 

HB4104LRB100 14828 AWJ 29649 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Municipal Code is amended by
5changing Section 8-8-5 as follows:
 
6    (65 ILCS 5/8-8-5)  (from Ch. 24, par. 8-8-5)
7    Sec. 8-8-5. The audit shall be made in accordance with
8generally accepted auditing standards. Reporting on the
9financial position and results of financial operations for each
10fund of the municipality shall be consistent with either the
11accrual or cash basis of accounting depending upon the system
12followed by each municipality and shall otherwise be in
13accordance with generally accepted accounting principles,
14insofar as possible. Each audit report shall include only
15financial information, findings and conclusions that are
16adequately supported by evidence in the auditor's working
17papers to demonstrate or prove, when called upon, the basis for
18the matters reported and their correctness and reasonableness.
19In connection with this, each municipality shall retain the
20right of inspection of the auditor's working papers and shall
21make them available to the Comptroller, or his designee, upon
22request. The audit report shall consist of the professional
23opinion of the accountant or accountants with respect to the

 

 

HB4104- 2 -LRB100 14828 AWJ 29649 b

1financial statements or, if an opinion cannot be expressed, a
2declaration that the accountant is unable to express such
3opinion and an explanation of the reasons he cannot do so.
4Municipal authorities shall not impose limitations on the scope
5of the audit to the extent that the effect of such limitations
6will result in the qualification of the opinion of the
7accountant or accountants. Each audit report filed with the
8Comptroller shall be accompanied by a copy of each official
9statement or other offering of materials prepared in connection
10with the issuance of indebtedness of the municipality since the
11filing of the last audit report.
12    Audits under this Division may be made upon either an
13accrual or cash basis of accounting depending upon the system
14followed by each municipality.
15(Source: P.A. 87-433.)