IL SB2836

Amends the Governmental Account Audit Act to require governmental units to conduct audits every 2 years instead of annually, beginning with fiscal year 2028.

Raises the revenue threshold for simplified reporting from $850,000 to $1,400,000, with future adjustments tied to the Consumer Price Index-U as reported on January 1 each year.

Governmental units below the $1,400,000 threshold may either conduct audits once every 4 years with annual financial reports, or file annual financial reports approved by a three-fifths majority vote at a public meeting.

Units receiving an adverse or disclaimer audit opinion must return to annual audits until the opinion improves.

Makes conforming changes to the Township Code and takes effect immediately upon becoming law.