California Education Code

§ 14505

EDC § 14505 Effective Sep 30, 2000Div. 1 · Title 1 · Part 9 · Ch. 3

Statute text

The governing board of each school district and each office of the county superintendent of schools shall include the following two provisions in their contracts for audits:

(a)A provision to withhold 10 percent of the audit fee until the Controller certifies that the audit report conforms to the reporting provisions of subdivision (a) of Section 14503.

(b)A provision to withhold 50 percent of the audit fee for any subsequent year of a multiyear contract if the prior year’s audit report was not certified as conforming to reporting provisions of subdivision (a) of Section 14503. This provision shall include a statement that a multiyear contract will be null and void if a firm or individual is declared ineligible pursuant to subdivision (c) of Section 41020.5. The amount withheld is not payable unless payment is ordered by the California Board of Accountancy or the audit report for that subsequent year is certified by the Controller as conforming to reporting provisions of subdivision (a) of Section 14503.

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Legislative history

Amended by Stats. 2000, Ch. 1055, Sec. 11. Effective September 30, 2000.