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92_SB1284
LRB9206807LDpr
1 AN ACT in relation to accounting.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Public Accounting Act is amended
5 by changing Section 0.02 as follows:
6 (225 ILCS 450/0.02) (from Ch. 111, par. 5500.02)
7 Sec. 0.02. It is the policy of this State and the
8 purpose of this Act:
9 (a) To promote the dependability of information that
10 which is used for guidance in financial transactions or for
11 accounting for or assessing the status or performance of
12 commercial and noncommercial enterprises, whether public,
13 private, or governmental; and
14 (b) To protect the public interest by requiring that
15 persons engaged in the practice of public accounting be
16 qualified; that a public authority competent to prescribe and
17 assess the qualifications of public accountants be
18 established; and that
19 (c) Preparing, auditing or examining financial
20 statements and issuing a report expressing or disclaiming an
21 opinion on such statements or expressing assurance on such
22 statements be reserved to persons who demonstrate their
23 ability and fitness to observe and apply the standards of the
24 accounting profession; and that the use of accounting titles
25 likely to confuse the public be prohibited.
26 (Source: P.A. 85-1209.)