SB2638sam002 100TH GENERAL ASSEMBLY

Sen. James F. Clayborne, Jr.

Filed: 3/9/2018

10000SB2638sam002 LRB100 16888 AWJ 37176 a

AMENDMENT TO SENATE BILL 2638

AMENDMENT NO. ______. Amend Senate Bill 2638 on page 1, line 7, by replacing "contain statements that" with "be prepared on financial contain statements consistent with either the accrual or cash basis of accounting, depending upon the system followed by the governmental unit, and shall otherwise that"; and

on page 1, lines 8 and 9, by replacing "principles and that set forth, insofar as possible," with "principles. The audit report shall contain and that set forth, insofar as possible,"; and

on page 2, lines 1 and 2, by replacing "accountant or accountants" with "auditor or auditors accountant or accountants"; and

on page 2, immediately below line 12, by inserting the following:

"Section 10. The Counties Code is amended by changing Section 6-31006 as follows:

(55 ILCS 5/6-31006) (from Ch. 34, par. 6-31006)

Sec. 6-31006. Audit report. The audit shall be performed by a licensed certified public accountant. The audit report shall contain the financial position and results of financial operations of each fund, account, and office of the county government. The financial statements shall be consistent with either the accrual or cash basis of accounting, depending upon the system followed by each county, and shall otherwise be in accordance with statements that are in conformity with generally accepted public accounting principles and shall set forth, insofar as possible, the financial position and the results of financial operations for each fund, account and office of the county government. The audit report shall also include the professional opinion of the auditor or auditors accountant or accountants with respect to the financial status and operations or, if an opinion cannot be expressed, a declaration that such auditor accountant is unable to express such opinion and an explanation of the reasons he cannot do so. Each audit report shall include the certification of the auditor or auditors accountant or accountants making the audit that the audit has been performed in compliance with generally accepted auditing standards. Each audit report filed with the Comptroller shall be accompanied by a copy of each official statement or other offering of materials prepared in connection with the issuance of indebtedness of the county since the filing of the last audit report.

An audit report based on the county's selection of the accrual, cash, or modified cash basis of accounting meets all requirements of this Section for conformity with generally accepted accounting principles, including the certification of the accountant or accountants making the audit that the audit has been performed in compliance with generally accepted auditing standards.

(Source: P.A. 86-962; 87-424.)".