Full Text of HB1562 98th General Assembly
HB1562eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Governmental Account Audit Act is amended by | 5 | | changing 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 | 8 | | the Counties Code or Section 8-8-10 of the Illinois Municipal | 9 | | Code, the The governing body of a governmental unit may | 10 | | establish an
audit committee, and may appoint members of the | 11 | | corporate authority or other
appropriate officers to the | 12 | | committee, to review audit reports prepared
under this Act and | 13 | | any other financial reports and documents, including
| 14 | | management 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 | 17 | | Section 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 | 20 | | effective date of this amendatory Act of the 98th General | 21 | | Assembly, the The corporate authorities of a county
shall may |
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| 1 | | establish a finance and an audit committee, and shall may | 2 | | appoint members of the corporate
authority , or other | 3 | | appropriate officers , and members of the public to the | 4 | | committee, to review audit
reports prepared under this Division | 5 | | and any other financial reports and
documents , including | 6 | | management letters prepared by or on behalf of the county. | 7 | | The duties of the finance and audit committee shall | 8 | | include, 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 | 2 | | changing 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 | 5 | | date of this amendatory Act of the 98th General Assembly, the | 6 | | The corporate authorities of a municipality shall may establish
| 7 | | a finance and an audit committee, and shall may appoint members | 8 | | of the corporate authority , or
other appropriate officers , and | 9 | | members of the public to the committee, to review audit reports | 10 | | prepared
under this Act and any other financial reports and | 11 | | documents , including
management letters prepared by or on | 12 | | behalf of the municipality. | 13 | | The duties of the finance and audit committee shall | 14 | | include, 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 | 8 | | becoming law.
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