Public and Financial Accountability Standards (a) Annual Public Report The institute shall issue an annual report to the public which sets forth its activities, grants awarded, grants in progress, research accomplishments, and future program directions. Each annual report shall include, but not be limited to, the following: the number and dollar amounts of research and facilities grants; the grantees for the prior year; the instituteâs administrative expenses; an assessment of the availability of funding for stem cell research from sources other than the institute; a summary of research findings, including promising new research areas; an assessment of the relationship between the instituteâs grants and the overall strategy of its research program; and a report of the instituteâs strategic research and financial plans. (b) Independent Financial Audit for Review by Controller The institute shall annually commission an independent financial audit of its activities from a certified public accounting firm, which shall be provided to the Controller, who shall review the audit and annually issue a public report of that review. (c) A performance audit shall be commissioned by the institute every three years beginning with the audit for the 2010â11 fiscal year. The performance audit, which may be performed by the Bureau of State Audits, shall examine the functions, operations, management systems, and policies and procedures of the institute to assess whether the institute is achieving economy, efficiency, and effectiveness in the employment of available resources. The performance audit shall be conducted in accordance with government auditing standards, and shall include a review of whether the institute is complying with ICOC policies and procedures. The performance audit shall not be required to include a review of scientific performance. The first performance audit shall include, but not be limited to, all of the following: (1) Policies and procedures for the issuance of contracts and grants and a review of a representative sample of contracts, grants, and loans executed by the institute. (2) Policies and procedures relating to the protection or treatment of intellectual property rights associated with research funded or commissioned by the institute. (d) All administrative costs of the audits required by subdivisions (b) and (c) shall be paid by the institute. (e) Citizenâs Financial Accountability Oversight Committee There shall be a Citizenâs Financial Accountability Oversight Committee chaired by the Controller. This committee shall review the annual financial audit, the Controllerâs report and evaluation of that audit, and the financial practices of the institute. The Controller, the Treasurer, the President pro Tempore of the Senate, the Speaker of the Assembly, and the Chairperson of the ICOC shall each appoint a public member of the committee. Committee members shall have medical or patient advocacy backgrounds and knowledge of relevant financial matters. The committee shall provide recommendations on the instituteâs financial practices and performance. The Controller shall provide staff support. The committee shall hold a public meeting, with appropriate notice, and with a formal public comment period. The committee shall evaluate public comments and include appropriate summaries in its annual report. The ICOC shall provide funds for all costs associated with the per diem expenses of the committee members and for publication of the annual report. (f) Public Meeting Laws (1) The ICOC shall hold at least four public meetings per year, one of which will be designated as the instituteâs annual meeting. The ICOC may hold additional meetings as it determines are necessary or appropriate. (2) The Bagley-Keene Open Meeting Act, Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code, shall apply to all meetings of the ICOC, except as otherwise provided in t
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