FINANCIAL REPORT STANDARDS BD Senate SponsorsSen. Linda Holmes-Thomas Johnson, Dale A. Righter, John G. Mulroe and Kyle McCarter-Dan Kotowski House Sponsors(Rep. Michael J. Madigan-John E. Bradley) 8/23/2012SenatePublic Act . . . . . . . . . 97-1055 New ActCreates the External Auditing and Standards Board Act. Provides that the Board shall consist of 8 members, and sets forth the membership of the Board. Provides that the Board shall assist the Legislative Audit Commission, the Office of the Auditor General, and the Governor in improving the timeliness, transparency, and process of financial reporting by State agencies. Provides that the Board has certain powers, including the power to suspend or dismiss an internal auditor of any State agency who is deemed unqualified by the Board based on current best practices and qualifications. Requires the Board to develop a certification program for all internal and external auditors. Requires the Board to submit certain reports to the Governor, the General Assembly, and the State agency.Senate Floor Amendment No. 1 Adds reference to:30 ILCS 105/5.811 new30 ILCS 105/6z-93 newReplaces everything after the enacting clause. Creates the Financial Reporting Standards Board Act. Provides that the Board shall consist of 2 members appointed by the Governor and 3 members appointed by the Comptroller, all with the advice and consent of the Senate. Provides that the Board shall assist the State in improving the timeliness, quality, and processing of financial reporting for the State. Sets forth the powers of the Board. Requires the Internal Auditor of every State agency that submits a GAAP package to submit initial and annual audits to the Board. Provides that the Comptroller's Division of Financial Reporting shall cooperate with the Board in certain matters. Amends the State Finance Act to create the Financial Reporting Standards Revolving Fund. Provides that the Fund shall receive moneys or transfers for GAAP-related services provided to State agencies. Effective immediately.House Committee Amendment No. 2 Deletes reference to:30 ILCS 105/5.811 new30 ILCS 105/6z-93 newAdds reference to:20 ILCS 415/4cfrom Ch. 127, par. 63b104cReplaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Makes changes concerning the powers of the Financial Reporting Standards Board. Removes certain powers of the Board, including the power to expend appropriations. Removes language from the engrossed bill requiring each Internal Auditor to conduct an initial audit. Provides that the Board shall consist of 3 members appointed by the Comptroller and 3 members appointed by the Governor. Provides that at least one member appointed by each appointing authority must be a Certified Public Accountant. Provides that members who are not Certified Public Accountants shall have relevant experience in business, government accounting, or finance. Removes a provision requiring State agencies to adhere to the Board's guidance in regard to GAAP package processing and maintaining minimum standards for qualifications, training, and education for GAAP Coordinators. Amends the Personnel Code to provide that certain employees having demonstrable accounting, financial reporting, or technical expertise who are employed within executive branch agencies that are required to submit to the Office of the Comptroller financial information for the publication of the Comprehensive Annual Financial Report are exempt from jurisdictions A, B, and C. Effective immediately.House Floor Amendment No. 3 Further amends the Personnel Code. Provides that certain employees having demonstrable, defined advanced skills in accounting, financial reporting, or technical expertise who are employed within executive branch agencies and whose duties are directly related to the submission to the Office of the Comptroller of financial information for the publication of the Comprehensive Annual Financial Report (rather than, certain employees having demonstrable accounting, financial reporting, or technical expertise who are employed within executive branch agencies that are required to submit to the Office of the Comptroller financial information for the publication of the Comprehensive Annual Financial Report) are exempt from jurisdictions A, B, and C. 2/10/2012SenateFiled with Secretary by Sen. Linda Holmes 2/10/2012SenateChief Co-Sponsor Sen. Thomas Johnson 2/10/2012SenateFirst Reading 2/10/2012SenateReferred to Assignments 2/24/2012SenateAssigned to State Government and Veterans Affairs 3/8/2012SenateDo Pass State Government and Veterans Affairs; 007-000-000 3/8/2012SenatePlaced on Calendar Order of 2nd Reading March 21, 2012 3/26/2012SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes 3/26/2012SenateSenate Floor Amendment No. 1 Referred to Assignments 3/26/2012SenateSenate Floor Amendment No. 1 Assignments Refers to State Government and Veterans Affairs 3/27/2012SenateSenate Floor Amendment No. 1 Recommend Do Adopt State Government and Veterans Affairs; 007-000-000 3/27/2012SenateAdded as Co-Sponsor Sen. Dale A. Righter 3/27/2012SenateSecond Reading 3/27/2012SenateSenate Floor Amendment No. 1 Adopted; Holmes 3/27/2012SenatePlaced on Calendar Order of 3rd Reading March 28, 2012 3/29/2012SenateAdded as Co-Sponsor Sen. John G. Mulroe 3/29/2012SenateAdded as Co-Sponsor Sen. Kyle McCarter 3/29/2012SenateThird Reading - Passed; 040-010-002 3/29/2012HouseArrived in House 3/29/2012HouseChief House Sponsor Rep. Michael J. Madigan 3/29/2012HousePlaced on Calendar Order of First Reading 3/29/2012HouseAdded Alternate Chief Co-Sponsor Rep. John E. Bradley 3/29/2012HouseFirst Reading 3/29/2012HouseReferred to Rules Committee 4/16/2012HouseAssigned to Executive Committee 4/17/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Madigan 4/17/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/4/2012HouseCommittee Deadline Extended-Rule 9(b) May 18, 2012 5/11/2012HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Michael J. Madigan 5/11/2012HouseHouse Committee Amendment No. 2 Referred to Rules Committee 5/14/2012HouseHouse Committee Amendment No. 2 Rules Refers to Executive Committee 5/16/2012HouseHouse Committee Amendment No. 2 Adopted in Executive Committee; by Voice Vote 5/16/2012HouseDo Pass as Amended / Short Debate Executive Committee; 011-000-000 5/17/2012HousePlaced on Calendar 2nd Reading - Short Debate 5/17/2012HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40 5/22/2012HouseSecond Reading - Short Debate 5/22/2012HouseHeld on Calendar Order of Second Reading - Short Debate 5/24/2012HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Michael J. Madigan 5/24/2012HouseHouse Floor Amendment No. 3 Referred to Rules Committee 5/25/2012HouseHouse Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000 5/25/2012HouseFinal Action Deadline Extended-9(b) May 31, 2012 5/28/2012HouseHouse Floor Amendment No. 3 Adopted by Voice Vote 5/28/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/30/2012HouseThird Reading - Short Debate - Passed 116-000-000 5/30/2012SenateSecretary's Desk - Concurrence House Amendment(s) 2, 3 5/30/2012SenatePlaced on Calendar Order of Concurrence House Amendment(s) 2, 3 - May 31, 2012 5/30/2012SenateHouse Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. Linda Holmes 5/30/2012SenateHouse Committee Amendment No. 2 Motion to Concur Referred to Assignments 5/30/2012SenateHouse Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Linda Holmes 5/30/2012SenateHouse Floor Amendment No. 3 Motion to Concur Referred to Assignments 5/30/2012SenateHouse Committee Amendment No. 2 Motion to Concur Assignments Referred to Executive 5/30/2012SenateHouse Floor Amendment No. 3 Motion to Concur Assignments Referred to Executive 5/30/2012SenateHouse Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 015-000-000 5/30/2012SenateHouse Floor Amendment No. 3 Motion To Concur Recommended Do Adopt Executive; 015-000-000 5/31/2012SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski 5/31/2012SenateHouse Committee Amendment No. 2 Senate Concurs 059-000-000 5/31/2012SenateHouse Floor Amendment No. 3 Senate Concurs 059-000-000 5/31/2012SenatePassed Both Houses 6/29/2012SenateSent to the Governor 8/23/2012SenateGovernor Approved 8/23/2012SenateEffective Date August 23, 2012 8/23/2012SenatePublic Act . . . . . . . . . 97-1055