As soon as practicable after the close of each fiscal year, the City
Council shall cause an audit of the funds and accounts of the City to be made
by a person licensed to practice public accounting under the laws of the State
of Illinois. The audit shall be begun as soon as possible after the close
of the fiscal year and shall be completed and the report submitted within
six months after the close of such fiscal year, unless an extension of time
shall be granted by the State Comptroller in writing. The audit shall be made
in accordance with generally accepted auditing standards, and an audit report
shall be prepared in the form prescribed by the Illinois Compiled Statutes.