Elementary and secondary education: omnibus.

(1) Existing law requires each chartering authority to be responsible for reviewing the audit exceptions contained in an audit of a charter school under its jurisdiction and determining whether the exceptions have been either corrected or an acceptable plan of correction has been developed, and after completing those financial and compliance audit oversight responsibilities, to identify and provide notification to the governing body of the charter school within 60 days of any material concern arising out of the chartering authority's ongoing oversight and monitoring activities.