IL HB1911

Amends the Governmental Account Audit Act to change audit frequency from annual to biennial (every 2 years) for governmental units starting with fiscal year 2027, unless the previous audit contained an adverse or disclaimer of opinion, which then requires annual audits until resolved

Raises the revenue threshold for simplified reporting from $850,000 to $1,400,000 for governmental units that may file annual financial reports in lieu of full audits, with the threshold adjusted annually by the Consumer Price Index-U

Requires governmental units with revenue of $1,400,000 or more (adjusted for CPI) to submit both full audit reports and annual financial reports to the Comptroller

Updates township audit requirements to use the new $1,400,000 revenue threshold (adjusted for CPI) to determine whether a certified public accountant audit or an independent auditing committee review is required

Maintains existing requirements for electronic submission of reports to the Comptroller, posting of audit reports online within 45 days, and public disclosure of non-compliant governmental units