LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 15Ch. 7§ 31504 Annual Licensee Audit Report

§ 31504 Annual Licensee Audit Report

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 31504 Annual Licensee Audit Report

Key Takeaways

  • •If you have a special license (like for a business), you must send a money report every year.
  • •The report must show how much money you made or lost, what you own, and what you owe.
  • •A professional money checker (accountant) must look at your report and say it’s correct.
  • •You have 90 days after your business year ends to send this report, unless the boss (commissioner) gives you more time.

Example

You own a small bakery and have a special license to sell food.

Every year, you must show how much money your bakery made, what you spent, and what’s left. A money expert must check your numbers and say they’re right. Then, you send this report to the state within 90 days after your business year ends.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 31504 Annual Licensee Audit Report

Each licensee shall, not more than 90 days after the close of each of its fiscal years or within such longer period as the commissioner may by regulation or order specify, file with the commissioner an audit report containing: (a) Financial statements (including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position or, in the case of a licensee which is a California nonprofit corporation, comparable financial statements) for or as of the end of such fiscal year, prepared with audit by an independent certified public accountant or an independent public accountant in accordance with generally accepted accounting principles; (b) Report, certificate, or opinion of such independent certified public accountant or independent public account, stating that such financial statements were prepared in accordance with generally accepted accounting principles; and (c) Such other information as the commissioner may by regulation or order require. (Amended by Stats. 1996, Ch. 1064, Sec. 664. Effective January 1, 1997. Operative July 1, 1997.)

Last verified: January 23, 2026

Key Terms

regulationcorporationstatementcommissionportlicenseaccordanceoperative july

Related Statutes

  • § 31501 Licensee Recordkeeping Requirements
  • § 31508 Licensee Recordkeeping Approval
  • § 31509 Commissioner Report Publication Authority
  • § 50507 False Financial Record Penalties
  • § 624 Sale Of Business To Licensees

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 31504.
View Official Source