HB4545

Illinois HB4545 modifies the Governmental Account Audit Act to change audit requirements for governmental units based on revenue thresholds.

HB4545 amends the Governmental Account Audit Act to adjust the revenue thresholds for audit requirements. Beginning in fiscal year 2027, governmental units receiving less than $1,500,000 in revenue must either undergo an audit every four years or file an annual financial report with the Comptroller. Units receiving $1,500,000 or more must file an annual financial report and make copies available for public inspection. The bill also mandates electronic filing of reports with the Comptroller and posting them on the internet.