California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 5 - Minimum Audit Requirements and Reporting Guidelines for Special Districts
Section 1131.3 - Audit Report Requirements

Universal Citation: 2 CA Code of Regs 1131.3

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) The report shall state whether the financial statements are presented in accordance with generally accepted principles of accounting and the State Controller's Minimum Audit Requirements and Reporting Guidelines.

(b) The report shall state whether such generally accepted accounting principles have been observed in the current period in relation to the preceding period.

(c) Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.

(d) The audit report shall contain an opinion regarding the fairness of the financial statements as enumerated by the State Board of Accountancy Rules 58.1 and 58.2. The types of opinions that may be expressed are:

(1) an unqualified opinion

(2) a qualified opinion

(3) an adverse opinion

(4) a disclaimer of opinion

(e) The report shall so state, if the audit is not completed within the statutory time limit.

Note: Authority cited: Section 26909(b), Government Code. Reference: Sections 6505 and 26909(b), Government Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.