SB2836

SB2836 modifies audit requirements for Illinois governmental units, including townships, for fiscal years 2028 and after.

SB2836 amends the Governmental Account Audit Act to change audit procedures for governmental units in Illinois starting with fiscal years 2028. It modifies the definitions of "audit report" and "report," and introduces the concept of an "annual financial report." The bill requires the governing body of each governmental unit to conduct an audit every 2 years, covering the two preceding fiscal years. It allows an exception for units receiving revenue of less than $1,400,000, which may file a 4-year audit report or an annual financial report under specified requirements.