The Illinois Municipal League (IML) recently released guidance outlining circumstances under which certain Illinois municipalities may elect alternative municipal audit frequency options. While this guidance provides flexibility under state guidelines, local governments should carefully consider the governance, risk, and municipal financial oversight implications of extended audit cycles. Lauterbach & Amen has prepared a brief Insight Update summarizing key considerations from the Illinois Municipal League guidance and outlining why annual audits continue to represent a leading practice for maintaining transparency, financial accountability, and stakeholder confidence. You can also review the original IML fact sheet below.