MUNI CD-AUDIT REPORT STANDARDS

Amends the Illinois Municipal Auditing Law of the Illinois Municipal Code. Provides that audit reports reporting on the financial position and results of financial operations for each fund of the municipality shall be consistent with either the accrual or cash basis of accounting depending upon the system followed by each municipality and shall otherwise be in accordance with generally accepted accounting principles (currently, shall be in accordance with generally accepted accounting principles, insofar as possible).