100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2638
 
Introduced 2/8/2018, by Sen. James F. Clayborne, Jr.
 
SYNOPSIS AS INTRODUCED:
 

 



50 ILCS 310/5  from Ch. 85, par. 705

     Amends the Governmental Account Audit Act. Provides that an audit report based on the governmental unit's selection of the accrual, cash, or modified cash basis of accounting meets all requirements for conformity with generally accepted accounting principles, including the certification of the accountant or accountants making the audit that the audit has been performed in compliance with generally accepted auditing standards. Effective immediately.
  


LRB100 16888 AWJ 32029 b

 
 
A BILL FOR
 

  
SB2638LRB100 16888 AWJ 32029 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 Governmental Account Audit Act is amended  by 
5changing Section 5 as follows:
 



6    (50 ILCS 310/5)  (from Ch. 85, par. 705)



7    Sec. 5. 
The audit report shall contain statements that 
8conform with
generally accepted accounting principles and that 
9set forth, insofar as
possible, the financial position and 
10results of financial operations for
each fund of the 
11governmental unit. Each audit report shall include only

12financial information, findings and conclusions that are 
13adequately
supported by evidence in the auditor's working 
14papers to demonstrate or
prove, when called upon, the basis for 
15the matters reported and their
correctness and reasonableness.  
16In connection with this, each governmental
unit shall retain 
17the right of inspection of the auditor's working papers
and 
18shall make them available to the Comptroller, or his designee, 
19upon
request.  The audit report shall also include the

20professional opinion of the licensed public accountant with 
21respect to the
financial statements or, if an opinion cannot be 
22expressed, a declaration
that he is unable to express such 
23opinion and an explanation of the reasons
he cannot do so.  Each 
 
 
SB2638- 2 -LRB100 16888 AWJ 32029 b

1audit report shall include the certification of
the accountant 
2or accountants making the audit that the audit has been

3performed in compliance with generally accepted auditing 
4standards.

5    An audit report based on the governmental unit's selection 
6of the accrual, cash, or modified cash basis of accounting 
7meets all requirements of this Section for conformity with 
8generally accepted accounting principles, including the 
9certification of the accountant or accountants making the audit 
10that the audit has been performed in compliance with generally 
11accepted auditing standards. 
12(Source: P.A. 85-1000.)

 
 
13    Section 99. Effective date. This Act takes effect upon 
14becoming law.