Legal duties of the PNB Audit Cttee

In California, for a charitable corporation with annual revenue of ≥$2m (net of certain government funding), the audit committee “shall review and determine whether to accept the audit” (emphases added): no ifs, no buts. The passage in the law:

[t]he audit committee shall confer with the auditor to satisfy its members that the financial affairs of the corporation are in order, shall review and determine whether to accept the audit

California Government Code, § 12586(e)(2) –

Note, Pacifica has a legal duty to get audited financial statements to the California Attorney General, & to the public, within nine months of fiscal year-end, so by 30June:

[t]he audited financial statements shall be available for inspection by the Attorney General and by members of the public no later than nine months after the close of the fiscal year to which the statements relate.

California Government Code, § 12586(e)(1) –

[will be fully written-up June-July2021]