IL HB2352

Raises the revenue threshold for governmental units to qualify for reduced audit requirements from $850,000 to $1,500,000 per fiscal year

Governmental units below the new $1,500,000 threshold may either conduct audits once every 4 years (instead of annually) and file annual financial reports with the Comptroller, or file annual financial reports approved by a 3/5 majority vote of their board during a public meeting

Applies to municipal corporations and political subdivisions that appropriate more than $5,000 annually, excluding school districts, certain cities and villages, counties with 1 million+ population, and entities audited by the Auditor General

Governmental units at or above $1,500,000 in revenue must continue to comply with annual audit requirements and file both audit reports and financial reports with the Comptroller

Takes effect immediately upon becoming law