New Audit Requirements
Effective January 1, 2015
Public Act 98-0738 amends the Illinois Counties Code and the Illinois Municipal Code creating additional reporting requirements for the audit. Effective January 1, 2015 the following are now required for all counties, cities and villages in Illinois within 60 days of the close of the audit:
- The auditors must provide a copy of any management letter and the audited financial statements to each member of the city council or village board of trustees.
- If the municipality maintains a website, this information must be posted on the website.
- The auditor must present the information from the audit to the city council or village board of trustees either in person or by a live phone or web connection during a public meeting.
Based on this new requirement, we will be required to present the audit to the Board within 60 days after we have issued the audit report. This presentation can be at the board meeting with the entire board, or the finance or audit committee, as long as it is a public meeting.
In addition the municipality must post the management letter and audit report on its website. Due to the generalized wording in the bill, the Senate did indicate that any sensitive information regarding reportable conditions discussed in the management letter would not need to be posted.