Illinois HB2352 amends the Governmental Account Audit Act to adjust the revenue threshold for audit requirements.
Illinois HB2352 modifies the Governmental Account Audit Act by raising the revenue threshold for audit requirements. Governmental units with annual revenue below $1,500,000 can choose between a four-year audit or an annual financial report. Those with revenue of $1,500,000 or more must comply with audit requirements and submit an annual financial report. The bill also includes provisions for electronic filing and public inspection of audit reports.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.