IL SB2258

Amends Section 8-8-5 of the Illinois Municipal Code regarding audit reporting standards for municipalities.

Audit reports on financial position and results of operations shall be consistent with either accrual or cash basis accounting depending on the system followed by each municipality and shall otherwise comply with generally accepted accounting principles.

Removes the phrase "insofar as possible" from the requirement that audit reports comply with generally accepted accounting principles.

Clarifies that municipalities may conduct audits using either accrual or cash basis accounting depending on their accounting system.

Maintains existing requirements that audit reports include only information adequately supported by evidence and that municipalities retain inspection rights over auditor working papers.