California SB992 modifies annual audit requirements for special districts.

California SB992 amends Section 26909 of the Government Code to modify annual audit requirements for special districts. Special districts can replace annual audits with biennial or five-year audits if their annual revenues do not exceed $250,000. Districts with revenues under $50,000 can use annual financial compilations for up to five years. Special districts transacting all revenues and expenditures through the county’s financial system and with annual revenues under $150,000 can opt for financial reviews or agreed-upon procedures engagements.

California SB992 modifies annual audit requirements for special districts.

California SB992 amends Section 26909 of the Government Code to modify annual audit requirements for special districts. Special districts can replace annual audits with biennial or five-year audits if their annual revenues do not exceed $250,000. Districts with revenues under $50,000 can use annual financial compilations for up to five years. Special districts transacting all revenues and expenditures through the county’s financial system and with annual revenues under $150,000 can opt for financial reviews or agreed-upon procedures engagements.