California Public Utilities Code 314.5 – (a) (1) The commission shall apply a risk-based methodology …
(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.
Terms Used In California Public Utilities Code 314.5
- Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Public Utilities Code 10
(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.
(Amended by Stats. 2022, Ch. 251, Sec. 23. (AB 209) Effective September 6, 2022.)