Cal. Code Regs. tit. 21 § 6661
Annually and within 180 days after the end of the fiscal year, the county auditor shall submit a report of a fiscal and compliance audit of the financial statements of the county local transportation fund to the transportation planning agency, to the State Controller and, where applicable, to the county transportation commission or the metropolitan transit development board. The audit shall be conducted in accordance with generally accepted auditing standards by the State Controller or by a certified public accountant or public accountant who is not an officer or employee of the transportation planning agency or of any city, county, operator, or county transportation commission within the area of the transportation planning agency and shall include a determination of compliance with the Act and the Administrative rules and regulations. If the county auditor and the regional entity responsible for submitting the audit report for the state transit assistance fund (pursuant to Section 6751) so agree, the audits of the local transportation fund and the state transit assistance fund may be conducted by the same auditor and may be submitted together in one audit report to the State Controller and to the transportation planning agency.
The financial statements shall be prepared by the county auditor in accordance with generally accepted accounting principles. The statements shall include, but not be limited to, (a) a balance sheet, (b) a statement of revenues and expenditures during the fiscal year, (c) a statement of changes in the fund balance, and (d) supplementary schedules as necessary to list or identify (1) the net amounts allocated and the net amounts disbursed during the fiscal year for each of the allocation purposes specified in the Act, (2) any portion of the fund balance that is allocated or reserved, and (3) any interest or other income earned by investment of the fund during the fiscal year. In the financial statements, the local transportation fund shall not be commingled with state transit assistance fund, nor with planning subventions from the Transportation Planning and Development Account, nor with any other revenues or funds of the transportation planning agency or of any city, county, or other agency.
All fiscal and accounting records and other supporting papers related to the local transportation fund shall be maintained for a minimum of four fiscal years following the close of the fiscal year and shall be available for inspection and audit by the State Controller.
Cal. Code Regs. Tit. 21, § 6661
2. Amendment filed 12-31-85; effective thirtieth day thereafter (Register 86, No. 1).
3. Amendment filed 9-1-87; operative 10-1-87 Register 87, No. 37).
4. Amendment filed 8-17-89; operative 9-16-89 (Register 89, No. 34).
Note: Authority cited: Sections 99241 and 99245, Public Utilities Code. Reference: Section 29534, Government Code.
2. Amendment filed 12-31-85; effective thirtieth day thereafter (Register 86, No. 1).
3. Amendment filed 9-1-87; operative 10-1-87 Register 87, No. 37).
4. Amendment filed 8-17-89; operative 9-16-89 (Register 89, No. 34).