SB992 modifies audit requirements for California special districts, allowing certain districts to replace annual audits with biennial or multi-year.

SB992 amends the Government Code to allow special districts to replace annual audits with biennial or multi-year audits under specific conditions. Special districts can opt for a biennial audit if their annual revenues do not exceed $150,000, or a five-year audit if their revenues are $250,000 or less. Districts with revenues under $50,000 can opt for an annual financial compilation. The county auditor must prescribe audit minimum requirements, which must conform to generally accepted auditing standards.

SB992 modifies audit requirements for California special districts, allowing certain districts to replace annual audits with biennial or multi-year.

SB992 amends the Government Code to allow special districts to replace annual audits with biennial or multi-year audits under specific conditions. Special districts can opt for a biennial audit if their annual revenues do not exceed $150,000, or a five-year audit if their revenues are $250,000 or less. Districts with revenues under $50,000 can opt for an annual financial compilation. The county auditor must prescribe audit minimum requirements, which must conform to generally accepted auditing standards.