Illinois General Assembly - Full Text of SB1806
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Full Text of SB1806  101st General Assembly

SB1806sam001 101ST GENERAL ASSEMBLY

Sen. Dale A. Righter

Filed: 2/28/2019

 

 


 

 


 
10100SB1806sam001LRB101 10244 AWJ 56862 a

1
AMENDMENT TO SENATE BILL 1806

2    AMENDMENT NO. ______. Amend Senate Bill 1806 on page 3, by
3replacing lines 15 and 16 with the following:
 
4    ""Generally accepted accounting principles" means
5accounting principles generally accepted in the United States.
6    "Generally accepted auditing standards" means auditing
7standards generally accepted in the United States."; and
 
8by replacing line 13 on page 6 through line 8 on page 7 with the
9following:
 
10    "Sec. 5. (a) Prior to fiscal year 2019, the audit report
11shall contain statements that conform with generally accepted
12accounting principles or other comprehensive basis of
13accounting and that set forth the financial position and
14results of financial operations for each fund of the
15governmental unit. Each audit report shall include only

 

 

10100SB1806sam001- 2 -LRB101 10244 AWJ 56862 a

1financial information, findings, and conclusions that are
2adequately supported by evidence in the auditor's working
3papers to demonstrate or prove, when called upon, the basis for
4the matters reported and their correctness and reasonableness.
5In connection with this, each governmental unit shall retain
6the right of inspection of the auditor's working papers and
7shall make them available to the Comptroller, or his or her
8designee, upon request. The audit report shall also include the
9professional opinion of the auditor or auditors with respect to
10the financial statements or, if an opinion cannot be expressed,
11a declaration that he or she is unable to express such opinion
12and an explanation of the reasons he or she cannot do so. Each
13audit report shall include the certification of the auditor or
14auditors making the audit that the audit has been performed in
15compliance with generally accepted auditing standards."; and
 
16on page 11, immediately below line 10, by inserting the
17following:
 
18        "7. "Generally accepted accounting principles" means
19    accounting principles generally accepted in the United
20    States.
21        8. "Generally accepted auditing standards" means
22    auditing standards generally accepted in the United
23    States."; and
 

 

 

10100SB1806sam001- 3 -LRB101 10244 AWJ 56862 a

1by replacing line 21 on page 15 through line 14 on page 16 with
2the following:
 
3    "Sec. 6-31006. Audit report.
4    (a) Prior to fiscal year 2019, the audit report shall
5contain statements that are in conformity with generally
6accepted public accounting principles or other comprehensive
7basis of accounting and shall set forth the financial position
8and the results of financial operations for each fund, account,
9and office of the county government. The audit report shall
10also include the professional opinion of the auditor or
11auditors with respect to the financial status and operations
12or, if an opinion cannot be expressed, a declaration that such
13auditor is unable to express such opinion and an explanation of
14the reasons he or she cannot do so. Each audit report shall
15include the certification of the auditor or auditors making the
16audit that the audit has been performed in compliance with
17generally accepted auditing standards. Each audit report filed
18with the Comptroller shall be accompanied by a copy of each
19official statement or other offering of materials prepared in
20connection with the issuance of indebtedness of the county
21since the filing of the last audit report."; and
 
22on page 20, by replacing lines 23 and 24 with the following:
 
23        "(9) "Generally accepted accounting principles" means

 

 

10100SB1806sam001- 4 -LRB101 10244 AWJ 56862 a

1    accounting principles generally accepted in the United
2    States.
3        (10) "Generally accepted auditing standards" means
4    auditing standards generally accepted in the United
5    States."; and
 
6by replacing line 22 on page 27 through line 23 on page 28 with
7the following:
 
8    "Sec. 8-8-5. (a) Prior to fiscal year 2019, the audit shall
9be made in accordance with generally accepted auditing
10standards. Reporting on the financial position and results of
11financial operations for each fund of the municipality shall be
12in accordance with generally accepted accounting principles or
13other comprehensive basis of accounting. Each audit report
14shall include only financial information, findings, and
15conclusions that are adequately supported by evidence in the
16auditor's working papers to demonstrate or prove, when called
17upon, the basis for the matters reported and their correctness
18and reasonableness. In connection with this, each municipality
19shall retain the right of inspection of the auditor's working
20papers and shall make them available to the Comptroller, or his
21or her designee, upon request. The audit report shall consist
22of the professional opinion of the auditor or auditors with
23respect to the financial statements or, if an opinion cannot be
24expressed, a declaration that the auditor is unable to express

 

 

10100SB1806sam001- 5 -LRB101 10244 AWJ 56862 a

1such opinion and an explanation of the reasons he or she cannot
2do so. Municipal authorities shall not impose limitations on
3the scope of the audit to the extent that the effect of such
4limitations will result in the qualification of the opinion of
5the auditor or auditors. Each audit report filed with the
6Comptroller shall be accompanied by a copy of each official
7statement or other offering of materials prepared in connection
8with the issuance of indebtedness of the municipality since the
9filing of the last audit report.".