County auditors: special districts: annual audit exceptions.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill changes the rules for annual audits of special districts in California. It extends the current flexibility for special districts to use financial reviews, agreed-upon procedures, or financial compilations, which currently have revenue limits, until January 1, 2037. The revenue threshold for using a financial compilation is increased to $250,000, and smaller districts (with revenues under $50,000) can use a financial review instead of an audit after five years.
Key provisions
- Extends the date for using financial reviews, agreed-upon procedures, or financial compilations until January 1, 2037.
- Increases the revenue limit for using a financial compilation to $250,000.
- Allows special districts with revenues under $50,000 to use a financial review instead of an audit after five consecutive years.
- Removes the current January 1, 2027, expiration date for the current audit flexibility.
- Specifies that financial compilations must be performed in accordance with professional standards.
- Requires special districts using financial compilations to pay for the auditor’s costs.
- Maintains the exemption for districts audited to meet federal requirements.
- Clarifies that districts located in multiple counties should consult the auditor in the county where the treasury is located.
Who is affected
- Special districts in California
Bill text
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Sponsors
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1 on record
Primary sponsor
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