Audit standards

Issuers using cash basis accounting pay a yield premium to sell bonds, according to a new paper, and their bonds are less likely to trade in the secondary.

A sweeping Illinois bill to loosen local government audit requirements is on pause, but its backers hope to push the legislation through next session.

Auditor General Frank Mautino said the delay was due largely to $1.2 billion erroneously collected from pharmaceutical companies that had to be addressed.

Illinois' Annual Comprehensive Financial Report for fiscal year 2023 recently passed the 600-day mark and is threatening to break California's lateness record.

While other issuers have suffered ratings hits or had them withdrawn, California's ratings have not been impacted by its now perennially late ACFR.

California officials blame a new electronic records system for reporting delays that worsen every year, though other states don't have the same problem.

The N.C. Local Government Commission approved Wake County's request to finance almost $600 million for school and community college projects and the state’s plan to issue $300 million of GARVEEs for DOT work.