Oversight committee adopts CIRM FY2024 audit after auditors report 'unmodified opinion'

The Citizens Financial Accountability Oversight Committee on Dec. 30 adopted the independent auditors' report for the California Institute for Regenerative Medicine's (CIRM) fiscal year ended June 30, 2024, after outside auditors presented an unmodified opinion and the State Controller's Office reported a successful quality-control review.

Russell Roberts, a director with the audit firm Macias, Genie & O'Connell, told the committee the firm "included what we call, unmodified opinions," and said there were "no findings or deficiencies for internal control or over financial reporting" and no compliance findings for FY2024. Roberts also highlighted operational results, saying net position increased by about $124,000,000 and that CIRM received substantial Prop 14 bond proceeds during the year.

Kim Tarvin, chief of the Division of Audits at the State Controller's Office, said the Controller's Office issued a quality-control review on Aug. 4, 2025, and concluded that "Macias, Genie, and O'Connell's audit of CIRM for fiscal year ended 06/30/2024 was performed in accordance with the required professional auditing standards and the business and professions code." Tarvin cited the statutory review requirements under the Health and Safety Code referenced at the hearing.

The chair opened the floor for public comment; none was offered. A motion to adopt the independent financial audit was moved by Mister Rowlett and seconded by Dr. John Ma; the committee adopted the audit "without objection," the chair said.

Why it matters: The audit and the Controller's Office review are the primary independent checks on how bond and grant funds authorized by Propositions 14 and 71 are accounted for and spent. An unmodified opinion and a favorable quality-control review increase the committee's ability to rely on reported financial statements when assessing CIRM's stewardship of public funds.

The committee did not receive any public comments on the audit. The board proceeded to the subsequent budget and program updates; no further action was taken on audit-related items at the meeting.