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Bond Accountability/Oversight and Audits

In accordance with bond oversight responsibilities, the Department of Finance, Office of State Audits and Evaluations (OSAE) performs bond audits.  The Governor’s Executive Order S-02-07 requires departments to be accountable for ensuring bond proceeds are spent efficiently, effectively, and in the best interests of the people of California.  Accordingly, the bond audit objectives include determining whether: 

  • Awards and expenditures are in compliance with applicable laws, regulations, and established criteria.
  • Bond funded projects are adequately monitored to ensure they stay within scope and cost.
  • Bond funded programs and projects achieved or are achieving the intended outcomes. 

As of June 2014, OSAE has performed over 550 department and grant-level bond audits of Proposition 12, 13, 40, 50, 84 and 1E.  OSAE is currently auditing several departments covering all Strategic Growth Plan bonds – Propositions 1B, 1D, 1E, and 84 (see Audits in Progress below).

For additional details including specific audit tasks performed during a bond audit, see the Bond Accountability and Audits Guide and the Bond Audit Bulletins below.

 

Bond Accountability and Audits Guide

Bond Audit Bulletins

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