HB3392 99TH GENERAL ASSEMBLY

LRB099 10966 SXM 31320 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3392

Introduced , by Rep. Robert W. Pritchard

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Financial Reporting Standards Board Act is amended by changing Section 20 as follows:

(30 ILCS 30/20)

(Section scheduled to be repealed on June 30, 2016)

Sec. 20. Audits.

(a) The Internal Auditor of every State agency that submits a GAAP package must submit an annual internal audit of its GAAP and financial statement process, if applicable, to the Board. 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.

(a-5) In conformity with subsection (m) of Section 7 of the Freedom of Information Act, all materials prepared or compiled with respect to internal audits of State agencies shall remain exempt from disclosure. The internal audit reports cited in this Act shall be considered confidential.

(b) The Board shall review all information submitted and may prepare a report for the Comptroller and the Governor. The Board shall not disclose any confidential information in its reports to the Comptroller and the Governor.

(Source: P.A. 97-1055, eff. 8-23-12.)

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