Cal. Pub. Util. Code § 314.5
The Public Utilities Commission: Organization
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2021
As of January 1, 2011
The commission shall inspect and audit the books and records for regulatory and tax purposes (a) at least once in every three years in the case of every electrical, gas, heat, telegraph, telephone, and water corporation serving over 1,000 customers, and (b) at least once in every five years in the case of every electrical, gas, heat, telegraph, telephone, and water corporation serving 1,000 or fewer customers. An audit conducted in connection with a rate proceeding shall be deemed to fulfill the requirements of this section. Reports of such inspections and audits and other pertinent information shall be furnished to the State Board of Equalization for use in the assessment of public utilities.
(a) (1) The commission shall apply a risk-based methodology to conduct audits or reviews of the books and records of electrical, gas, telephone, water, and sewer corporations.
(2) The commission shall conduct a review or audit of the books and records of every electrical or gas corporation at least once every five years.
(3) The commission shall conduct an audit or review of the books and records of every high-risk telephone, water, or sewer corporation, as determined by the commission, during the regular regulatory review of those entities, at least once every 10 years.
(b) An audit or review conducted pursuant to Section 274 or 792.5 shall be deemed to fulfill the requirements of subdivision (a).
(c) The commission shall post reports of reviews and audits and other pertinent information on its internet website.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.