Local government: financial reports.

Existing federal law, the Single Audit Act of 1984, requires any nonfederal entity, defined as states, local governments, or nonprofit organizations, that accepts $300,000 or more in federal money to prepare an annual audit that meets certain specifications and transmit that audit to specified federal agencies. Existing law requires the Controller to receive every audit report prepared by any local public agency pursuant to the federal Single Audit Act of 1984, and that the Controller review those reports for compliance with federal law before forwarding them to the designated state agency.