(a) Any money that is collected by the secretary pursuant to this chapter shall be deposited in a bank or other depository that is approved by the Director of Finance. Those funds shall be deposited and disbursed in conformity with appropriate regulations prescribed by the secretary and may be allocated to pay for expenses generated by the auditing requirement imposed by subdivision (b). The expenditure of those funds shall be exempt from the provisions of Section 925.6 of the Government Code.
(b) All expenditures by the council shall be audited at least annually by one of the following means:
(1) By contract with a certified public accountant.
(2) By contract with a public accountant holding a valid permit issued by the California Board of Accountancy.
(3) By contract with a public accounting firm.
(4) By agreement with the Department of Finance.
(c) A copy of the audit shall be delivered within 30 days after its completion to the Governor, the secretary, and the Controller.