IL SB1806

Replaces references to "licensed public accountant" with "auditor" (licensed CPA or substantial equivalent under Illinois Public Accounting Act Section 5.2) throughout auditing requirements for governmental units, counties, and municipalities.

Updates audit reporting standards for fiscal year 2019 and thereafter to require financial statements for governmental activities, business-type activities, discretely presented component units, and major/nonmajor funds instead of reporting by individual fund.

Changes audit language from "in compliance with" to "in accordance with" generally accepted auditing and accounting standards for consistency with standard professional terminology.

Adds definitions of "generally accepted accounting principles" and "generally accepted auditing standards" as those standards accepted in the United States across the Governmental Account Audit Act, Counties Code, and Illinois Municipal Code.

Maintains existing audit deadlines (180 days after fiscal year close), filing requirements with State Comptroller, delinquent report penalties ($5-$20 per day), and requirements for municipalities/counties to include purchasing agent oversight information in financial reports.