IL HB2533

Amends the State Comptroller Act to require the Comptroller to consult with the Auditor General and provide draft copies of proposed accounting standards at least 90 days before adoption.

Establishes Auditor General oversight of the State's compliance with auditing standards and generally accepted accounting principles for governments.

Changes the Auditor General's authority from "may adopt" to "shall adopt" rules establishing post audit standards consistent with generally accepted government auditing standards.

Requires the Auditor General's annual review to evaluate the State Comptroller's compliance with generally accepted accounting principles for governments as promulgated by the Governmental Accounting Standards Board.

Effective immediately upon becoming law.