IL SR0609

The Auditor General is directed to conduct a management audit of the State's financial reporting system due to seven years of audit findings showing inadequate controls and non-compliance with generally accepted accounting principles.

The audit must analyze the State's current financial reporting procedures, practices, and systems, including the number of different systems used by agencies, maintenance costs, and compliance with accounting standards.

The audit must survey other states' financial reporting methods with particular emphasis on those using centralized automated reporting systems and document any advantages or disadvantages.

The Office of the Governor, State Comptroller, Governor's Office of Management and Budget, and other relevant entities must cooperate fully with the Auditor General in conducting this audit.

The Auditor General must complete the audit and report findings and recommendations within 12 months of resolution adoption, with copies delivered to the Governor and State Comptroller.