99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1404

 

Introduced 2/20/2015, by Sen. Linda Holmes

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 30/20

    Amends the Financial Reporting Standards Board Act. Provides that if a State agency does not have an Internal Auditor, it must either use an Internal Auditor from another State Agency or contract with an independent Certified Internal Auditor or an independent registered or licensed Certified Public Accountant to perform the audit. Provides that all internal audit report materials shall be considered exempt from disclosure under the Freedom of Information Act. Provides that the Financial Reporting Standards Board shall not disclose any confidential information in its reports to the Comptroller and the Governor. Effective immediately.


LRB099 09013 SXM 29193 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1404LRB099 09013 SXM 29193 b

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7    (Section scheduled to be repealed on June 30, 2016)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

 

 

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1Board shall not disclose any confidential information in its
2reports to the Comptroller and the Governor.
3(Source: P.A. 97-1055, eff. 8-23-12.)
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.