IL SB0560

Regional offices of education and educational service centers may prepare financial statements using cash basis, modified cash basis, or generally accepted accounting principles (GAAP) basis of accounting for Auditor General audits.

Audit reports must be published on the Auditor General's website and distributed according to the Illinois State Auditing Act, replacing previous requirements for newspaper publication and individual legislator distribution.

The Auditor General continues to conduct annual audits as of June 30th of all accounts, funds, and moneys under regional superintendents and educational service centers (excluding those in cities with populations exceeding 500,000).

Audit reports must document opening and closing fund balances, funds received by source, distributions to school treasurers, other disbursements, and related account details.

The bill takes effect immediately upon becoming law.