IL SB2270

Amends the Governmental Account Audit Act to establish new contracting requirements for audit services by units of local government, requiring competitive request for proposals processes and prohibiting contracts longer than 5 fiscal years.

Implements audit partner rotation requirements preventing the same lead or reviewing audit partner from serving a unit of local government for more than 5 consecutive fiscal years, with limited waiver provisions by the Comptroller.

Replaces references to "licensed public accountant" with "CPA" (Certified Public Accountant) throughout relevant statutes governing audits for municipalities, counties, park districts, and school districts.

Applies new audit contracting standards to public institutions of higher education and community colleges through amendments to the Board of Higher Education Act and Public Community College Act.

Removes "auditors" from the list of professional consultants exempt from competitive bidding requirements in municipal and park district contracting provisions.