Governor Quinn recently signed into law P.A. 98-0738 amending the Illinois Municipal Code to establish certain disclosure requirements for municipal audits. The new law requires the auditor conducting the municipal audit to provide a copy of any management letter and audited financial statements to each member of the corporate authorities within 60 days of the close of the audit. Municipality with websites must post this information on their websites. The auditor is also required to present the audit information to the corporate authorities either in person or electronically at a public meeting. The new law also applies to counties. The law becomes effective January 1, 2015.
Post Authored by Julie Tappendorf