HB2352

Illinois HB2352 adjusts the revenue threshold for governmental units requiring audits from $850,000 to $1,500,000 annually.

Illinois HB2352 modifies the Governmental Account Audit Act by changing the revenue threshold for governmental units that must undergo annual audits. Previously, units earning less than $850,000 annually were exempt from annual audits, but this bill raises the threshold to $1,500,000. Instead of annual audits, these units must file an annual financial report with the Comptroller. The bill also mandates that audit reports be submitted electronically to the Comptroller, who must then post them online within 45 days.