Illinois § 7-2
Full text of Illinois Illinois Compiled Statutes § 7-2, with citation guidance and answers to common questions.
§ 7-2.
Audited financials. (a) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Secretary may prescribe, file with the Secretary: (1) an audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and (2) any other information as the Secretary may reasonably require. (b) The audited financial statements shall be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Secretary; (c) The audited financial statements shall include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Secretary. If the opinion or certificate is qualified, the licensee must make a separate report to the Secretary notifying them of the qualified opinion or certification. If the certificate or opinion is qualified, the Secretary may order the licensee to take any action as the Secretary may find necessary to enable the certified public accountant or independent public accountant to remove the qualification. (Source: P.A. 103-991, eff. 8-9-24.)
Frequently Asked Questions About Illinois § 7-2
What does Illinois Compiled Statutes § 7-2 cover?
Section 7-2 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 7-2?
A common citation format is "Illinois Compiled Statutes § 7-2" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 7-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.