HB1562 EngrossedLRB098 10396 MRW 40587 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 11 as follows:
 
6    (50 ILCS 310/11)  (from Ch. 85, par. 711)
7    Sec. 11. Except as otherwise provided in Section 6-31011 of
8the Counties Code or Section 8-8-10 of the Illinois Municipal
9Code, the The governing body of a governmental unit may
10establish an audit committee, and may appoint members of the
11corporate authority or other appropriate officers to the
12committee, to review audit reports prepared under this Act and
13any other financial reports and documents, including
14management letters prepared by or on behalf of the unit.
15(Source: P.A. 82-644.)
 
16    Section 10. The Counties Code is amended by changing
17Section 6-31011 as follows:
 
18    (55 ILCS 5/6-31011)  (from Ch. 34, par. 6-31011)
19    Sec. 6-31011. Finance and audit Audit committee. On the
20effective date of this amendatory Act of the 98th General
21Assembly, the The corporate authorities of a county shall may

 

 

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1establish a finance and an audit committee, and shall may
2appoint members of the corporate authority, or other
3appropriate officers, and members of the public to the
4committee, to review audit reports prepared under this Division
5and any other financial reports and documents, including
6management letters prepared by or on behalf of the county.
7    The duties of the finance and audit committee shall
8include, but are not limited to:
9        (1) inspecting, on a semi-annual basis, the
10    treasurer's books and accounts;
11        (2) reviewing, on a semi-annual basis, all financial
12    accounts and financial activities of the county with any
13    bank, savings and loan association, savings bank, credit
14    union, or any other financial institution;
15        (3) reviewing, on an annual basis, a list of all county
16    accounts with any bank, savings and loan association,
17    savings bank, credit union or any other financial
18    institution;
19        (4) reviewing, on a semi-annual basis, any management
20    letters prepared by or on behalf of the county;
21        (5) reviewing, on an annual basis, all audit reports
22    prepared under this Division; and
23        (6) reviewing any other financial reports and
24    documents prepared by or on behalf of the county.
25(Source: P.A. 86-962.)
 

 

 

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1    Section 15. The Illinois Municipal Code is amended by
2changing Section 8-8-10 as follows:
 
3    (65 ILCS 5/8-8-10)  (from Ch. 24, par. 8-8-10)
4    Sec. 8-8-10. Finance and audit committee. On the effective
5date of this amendatory Act of the 98th General Assembly, the
6The corporate authorities of a municipality shall may establish
7a finance and an audit committee, and shall may appoint members
8of the corporate authority, or other appropriate officers, and
9members of the public to the committee, to review audit reports
10prepared under this Act and any other financial reports and
11documents, including management letters prepared by or on
12behalf of the municipality.
13    The duties of the finance and audit committee shall
14include, but are not limited to:
15        (1) inspecting, on a semi-annual basis, the
16    treasurer's books and accounts;
17        (2) reviewing, on a semi-annual basis, all financial
18    accounts and financial activities of the municipality with
19    any bank, savings and loan association, savings bank,
20    credit union, or any other financial institution;
21        (3) reviewing, on an annual basis, a list of all
22    municipal accounts with any bank, savings and loan
23    association, savings bank, credit union or any other
24    financial institution;
25        (4) reviewing, on a semi-annual basis, any management

 

 

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1    letters prepared by or on behalf of the municipality;
2        (5) reviewing, on an annual basis, all audit reports
3    prepared under this Act; and
4        (6) reviewing any other financial reports and
5    documents prepared by or on behalf of the municipality.
6(Source: P.A. 82-644.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.