Cal. Education Code § 69989

(a) The board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Scholarshare trust by October 31 to the Governor, the Controller, the State Auditor, and the Legislature. The annual audit shall be made by an independent certified public accountant, and shall include, but need not be limited to, direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees. Any contributions to the Scholarshare trust that are not directed to a specified beneficiary shall be accounted for and treated separately in the annual audit. (b) The annual audit shall be supplemented by the following information prepared by the board: (1) Any studies or evaluations prepared in the preceding year. (2) A summary of the benefits provided by the Scholarshare trust, including the number of participants and beneficiaries in the Scholarshare trust. (3) Any other information that is relevant in order to make a full, fair, and effective disclosure of the operations of the Scholarshare trust.