Illinois Compiled Statutes 50 ILCS 355/10-10 – Purpose
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Terms Used In Illinois Compiled Statutes 50 ILCS 355/10-10
- Audit: means an agreed-upon procedures engagement in accordance with Statements on Standards for Attestation Engagements (AICPA Professional Standards, AT-C Section 315 (Compliance Attestation)). See Illinois Compiled Statutes 50 ILCS 355/10-15
- Department: means the Department of Revenue. See Illinois Compiled Statutes 50 ILCS 355/10-15
- Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27
The purpose of this Article is to create a certified audit program under a 5-year pilot project that begins on January 1, 2021 and that is limited in scope to specifically address concerns related to the proper reporting and payment of local occupation and use taxes that are collected and distributed to municipalities and counties by the Department.