Yes, the Savings Bank Act no longer requires savings banks to complete an annual independent audit, and the provision of the law requiring such audits was repealed in 2018.  However, the current law provides that the Secretary of Financial and Professional Regulation may require a savings bank that has not been audited at least once in the last twelve months to be audited by an independent licensed public accountant at the savings bank’s expense.

In 2011, the Savings Bank Act was amended to remove a provision stating that if a savings bank has not been audited at least once in the last twelve months, the Secretary (then “Commissioner”) shall cause an audit of the savings bank’s books and records to be made by an independent licensed public accountant selected by the Commissioner. The current version of the law allows the Secretary to order an audit at its discretion and does not require the Secretary to select the accountant to conduct the audit.

Resources: 

• Public Act 100-652, Savings Bank Act, repealing 205 ILCS 205/9014, effective July 31, 2018 (“(a) At least once in each year, but in no case more than 12 months after the last audit conducted pursuant to this Section, it shall be mandatory for each savings bank to cause its books, records, and accounts to be audited by an independent licensed public accountant not connected with the savings bank. . . .”)

• Savings Bank Act, 205 ILCS 205/9004(d) (“If a savings bank, its holding company, or any of its corporate subsidiaries has not been audited at least once in the 12 months prior to the Secretary's examination, the Secretary may cause an audit of the savings bank's books and records to be made by an independent licensed public accountant. The cost of the audit shall be paid for by the entity being audited.”)

• Public Act 97-492, Savings Bank Act, 205 ILCS 205/9004(d), effective January 1, 2012 (“If a savings bank, its holding company, or any of its corporate subsidiaries has not been audited at least once in the 12 months prior to the Secretary's Commissioner's examination, the Secretary may Commissioner shall cause an audit of the savings bank's books and records to be made by an independent licensed public accountant selected by the Commissioner from a list composed of certified public accountants who have experience in savings bank audits. The cost of the audit shall be paid for by the entity being audited.”)