IL SB1404

Amends the Financial Reporting Standards Board Act to require State agencies submitting GAAP packages to conduct annual internal audits of their GAAP and financial statement processes.

Allows State agencies without an Internal Auditor to either use an Internal Auditor from another State agency or contract with an independent Certified Internal Auditor or Certified Public Accountant to perform the audit.

Designates all internal audit materials prepared by State agencies as confidential and exempt from disclosure under the Freedom of Information Act.

Prohibits the Financial Reporting Standards Board from disclosing confidential information in its reports to the Comptroller and Governor.

Takes effect upon becoming law.