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Monday, June 29, 2015

Don't Forget About New Audit Disclosure Requirements!

It's audit time for local governments, and we wanted to remind you of the new statutory disclosure obligations for municipalities and counties. Last year, we posted about P.A. 98-0738, which amended the Illinois Municipal Code and Counties Code to establish certain disclosure requirements for municipal and county audits. 

The new law (which became effective January 1, 2015) requires the auditor conducting the municipal or county 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. The auditor is also required to present the audit information to the corporate authorities either in person or electronically at a public meeting. Municipalities and counties with websites must post this information on their websites. 

Post Authored by Julie Tappendorf


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