Section 1131.3 - Audit Report Requirements(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(4) a disclaimer of opinion(e) The report shall so state, if the audit is not completed within the statutory time limit.Cal. Code Regs. Tit. 2, § 1131.3
Note: Authority cited: Section 26909(b), Government Code. Reference: Sections 6505 and 26909(b), Government Code.