2014 California Code
Business and Professions Code - BPC
DIVISION 8 - SPECIAL BUSINESS REGULATIONS
CHAPTER 4 - Horse Racing
ARTICLE 2 - General Administration and Enforcement
19440.5
An annual audit shall be conducted of the financial books and records of the horsemen’s organizations, including any subsidiaries of the horsemen’s organizations, by a nationally recognized accounting firm as follows:
(a) With respect to pension funds received by those organizations pursuant to Sections 19533, 19613, and 19613.1, the audit shall be conducted within 90 days of the close of the fund’s business year. The audit shall cover the period of time since the last audit, and a copy thereof shall be filed with the board, and the Senate and Assembly Committees on Governmental Organization.
(b) With respect to administrative funds and welfare funds received pursuant to Sections 19533, 19606.5, 19613, and 19641, the audit shall be conducted within 90 days of the close of the fund’s business year. The audit shall cover the period of time since the last audit, and a copy thereof shall be filed with the board, and the Senate and Assembly Committees on Governmental Organization.
(c) The horsemen’s organizations shall bear the cost of the audit.
(Amended by Stats. 2005, Ch. 505, Sec. 2. Effective January 1, 2006.)
Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
