California CodesBusiness and Professions Code - BPCDivision 8 — Special Business RegulationsChapter 4 — Horse RacingArticle 2 — General Administration and EnforcementSection 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.
Notes
Requires annual audits by a nationally recognized accounting firm of horsemen's organizations and subsidiaries. Audits of specified pension, administrative, and welfare funds must occur within 90 days after each fund's business year, cover the period since the last audit, and be filed with the board and Senate and Assembly Governmental Organization Committees; the organizations pay the audit costs.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 19440.5 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-8/chapter-4/article-2/section-19440-5