Section 42408 - Fiscal Audits(a) Each auxiliary organization shall have an annual fiscal audit performed by a certified public accountant selected by the auxiliary organization. When completed, the audit shall be furnished to the Chancellor or designee on the date or dates designated by the Chancellor or designee.(b) The annual fiscal audits shall be performed in accordance with standard systemwide procedures prescribed by the Chancellor.(c) Each auxiliary organization, in order to disseminate as widely as feasible the audited financial statements, shall:(1) Publish the audited financial statements in a campus newspaper; or(2) Publish a notice in a campus newspaper indicating the on-campus location where copies of the audited financial statements may be obtained or reviewed; or(3) Publish or notice the audited statements in accordance with subdivision (1) or (2) in a campus bulletin or other appropriate medium if a campus newspaper is unavailable.Cal. Code Regs. Tit. 5, § 42408
1. New section filed 9-15-81; effective thirtieth day thereafter (Register 81, No. 38).
2. Amendment of subsections (a) and (b) and NOTE filed 12-2-98; operative 12-2-98. Submitted to OAL for printing only pursuant to Education Code section 89030.1 (Register 99, No. 5). Note: Authority cited: Sections 89030 and 89900, Education Code. Reference: Sections 89900 and 89904, Education Code.
1. New section filed 9-15-81; effective thirtieth day thereafter (Register 81, No. 38).
2. Amendment of subsections (a) and (b) and Note filed 12-2-98; operative 12-2-98. Submitted to OAL for printing only pursuant to Education Code section 89030.1 (Register 99, No. 5).