Full Text of SB2638 100th General Assembly
SB2638sam002 100TH GENERAL ASSEMBLY | Sen. James F. Clayborne, Jr. Filed: 3/9/2018
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| 1 | | AMENDMENT TO SENATE BILL 2638
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2638 on page 1, | 3 | | line 7, by replacing "contain statements that" with " be | 4 | | prepared on financial contain statements consistent with | 5 | | either the accrual or cash basis of accounting, depending upon | 6 | | the system followed by the governmental unit, and shall | 7 | | otherwise that "; and
| 8 | | on page 1, lines 8 and 9, by replacing "principles and that set | 9 | | forth, insofar as possible," with "principles . The audit report | 10 | | shall contain and that set forth, insofar as possible, "; and | 11 | | on page 2, lines 1 and 2, by replacing "accountant or | 12 | | accountants" with " auditor or auditors accountant or | 13 | | accountants "; and | 14 | | on page 2, immediately below line 12, by inserting the | 15 | | following: |
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| 1 | | "Section 10. The Counties Code is amended by changing | 2 | | Section 6-31006 as follows:
| 3 | | (55 ILCS 5/6-31006) (from Ch. 34, par. 6-31006)
| 4 | | Sec. 6-31006. Audit report. The audit shall be performed by | 5 | | a licensed certified public accountant. The audit report shall | 6 | | contain the financial position and results of financial | 7 | | operations of each fund, account, and office of the county | 8 | | government. The financial statements shall be consistent with | 9 | | either the accrual or cash basis of accounting, depending upon | 10 | | the system followed by each county, and shall otherwise be in | 11 | | accordance with
statements that are in conformity with | 12 | | generally accepted public accounting
principles and shall set | 13 | | forth, insofar as possible, the financial position
and the | 14 | | results of financial operations for each fund, account and | 15 | | office
of the county government . The audit report shall also | 16 | | include the
professional opinion of the auditor or auditors | 17 | | accountant or accountants with respect to the
financial status | 18 | | and operations or, if an opinion cannot be expressed, a
| 19 | | declaration that such auditor accountant is unable to express | 20 | | such opinion and an
explanation of the reasons he cannot do so. | 21 | | Each audit report shall
include the certification of the | 22 | | auditor or auditors accountant or accountants making the audit
| 23 | | that the audit has been performed in compliance with generally | 24 | | accepted
auditing standards. Each audit report filed with the |
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| 1 | | Comptroller shall be
accompanied by a copy of each official | 2 | | statement or other offering of
materials prepared in connection | 3 | | with the issuance of indebtedness of the
county since the | 4 | | filing of the last audit report. | 5 | | An audit report based on the county's selection of the | 6 | | accrual, cash, or modified cash basis of accounting meets all | 7 | | requirements of this Section for conformity with generally | 8 | | accepted accounting principles, including the certification of | 9 | | the accountant or accountants making the audit that the audit | 10 | | has been performed in compliance with generally accepted | 11 | | auditing standards.
| 12 | | (Source: P.A. 86-962; 87-424.)".
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