SB 1806

Abstract

Amends the Governmental Account Audit Act, the Counties Code, and the Illinois Municipal Code. Removes definitions of "licensed public accountant" and "accountant". Adds a definition of "generally accepted auditing standards". Modifies the definition of "auditor" to include a substantially equivalent licensed CPA that operates out-of-state. Replaces references to licensed public accountants and accountants with references to auditors. Removes audit report requirements for fiscal years prior to 2019. Modifies audit report requirements for fiscal year 2019 and beyond. Changes various terminology throughout. Senate Committee Amendment No. 1 Makes grammatical changes to the definition of "generally accepted auditing standards". Adds the "generally accepted auditing standards" definition to the Audit Division of the Counties Code. Adds a definition of "generally accepted accounting principles" to all definition provisions. Restores audit report requirements for fiscal years prior to 2019.