SB1404eng 99TH GENERAL ASSEMBLY

SB1404 Engrossed LRB099 09013 SXM 29193 b

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(Section scheduled to be repealed on June 30, 2016)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