Oversight panel unanimously adopts 06/30/2022 independent financial audit for CIRM funding

The Citizens Financial Accountability Oversight Committee on May 29 unanimously adopted the independent financial audit for the fiscal year ending June 30, 2022.

Kim Tarvin, division chief in the State Controller's Office audit division, summarized the audit and the Controller’s office quality-control review. Tarvin said the auditors found that the "financial statements were fairly presented in all material respects" and that the audit report contained "no audit findings," characterizing it as a clean audit report.

The adoption followed a motion to accept the audit made and seconded during the meeting. Chair Malia M. Cohen called for a roll-call vote; members recorded their votes and the motion passed unanimously. Tarvin also described the Controller's Office quality-control step required by the Health and Safety Code, noting the office reviewed working papers and professional standards and found the audit met Generally Accepted Government Auditing Standards.

Why it matters: the audit covers funds linked to Proposition 14 and the stewardship of bond-funded programs overseen by the California Institute for Regenerative Medicine (CIRM). A clean audit reduces immediate fiscal-control concerns and allows oversight to focus on programmatic performance and follow-up items from performance audits.

Details and next steps: the audit report and the Controller's Office review were presented in the meeting packet. Committee members asked no substantive follow-up questions during the presentation. The Committee recorded the audit adoption in the meeting minutes and placed the audit materials into the public record.

Motion and vote: The Committee recorded the motion to accept the 06/30/2022 independent financial audit. The roll-call vote for adoption recorded 'Aye' votes from Chair Malia M. Cohen, Doctor John Ma, Alfred Rowlett and Doctor Gurbinder Sedona; the Controller announced the motion had "passed unanimously."