Annual Financial Audits. “The manner in which annual, independent financial audits shall be conducted, which shall employ generally accepted accounting principles, and the manner in which audit exceptions and deficiencies shall be resolved to the satisfaction of the chartering authority.” (Ed. Code § 47605(b)(5)(I).) The annual audit shall be conducted in compliance with Education Code section 47605(b)(5)(I) as it is amended from time to time. The following reports will be submitted to LAUSD, in the required format and within timelines to be specified by LAUSD, each year:
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