12 U.S.C. § 1827 : US Code - Section 1827: Reports by Corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits

Search 12 U.S.C. § 1827 : US Code - Section 1827: Reports by Corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits

(a) Annual reports on the Deposit Insurance Fund and the FSLIC
Resolution Fund
(1) In general
The Corporation shall annually submit a full report of its
operations, activities, budget, receipts, and expenditures for
the preceding 12-month period. The report shall include, with
respect to the Deposit Insurance Fund and the FSLIC Resolution
Fund, an analysis by the Corporation of -
(A) the current financial condition of each such fund;
(B) the purpose, effect, and estimated cost of each
resolution action taken for an insured depository institution
during the preceding year;
(C) the extent to which the actual costs of assistance
provided to, or for the benefit of, an insured depository
institution during the preceding year exceeded the estimated
costs of such assistance reported in a previous year under
paragraph (A);
(D) the exposure of the Deposit Insurance Fund to changes in
those economic factors most likely to affect the condition of
that fund;
(E) a current estimate of the resources needed for the
Deposit Insurance Fund or the FSLIC Resolution Fund to achieve
the purposes of this chapter; and
(F) any findings, conclusions, and recommendations for
legislative and administrative actions considered appropriate
to future resolution activities by the Corporation.
(2) Manner of submission
Such report shall be submitted to the President of the Senate
and the Speaker of the House of Representatives, who shall cause
the same to be printed for the information of Congress, and the
President as soon as practicable after the first day of January
each year.
(3) Coordination with other report requirements
The report required under this subsection shall include the
report required under section 57a(f)(7) of title 15.
(b) Quarterly reports to Treasury
(1) Financial operating plans and forecasts
Before the beginning of each fiscal quarter, the Corporation
shall provide to the Secretary of the Treasury a copy of the
Corporation's financial operating plans and forecasts.
(2) Financial condition and reports of operations
As soon as practicable after the end of each fiscal quarter,
the Corporation shall submit to the Secretary of the Treasury a
copy of the report of the Corporation's financial condition as of
the end of such fiscal quarter and the results of the
Corporation's operations during such fiscal quarter.
(3) Items to be included
The plans, forecasts, and reports required under this
subsection shall reflect the estimates required to be made under
section 1825(b) of this title of the liabilities and obligations
of the Corporation described in such section.
(4) Rule of construction
The requirement to provide plans, forecasts, and reports to the
Secretary of the Treasury under this subsection may not be
construed as implying any obligation on the part of the
Corporation to obtain the consent or approval of such Secretary
with respect to such plans, forecasts, and reports.
(c) Reports to OMB
(1) Financial information
The Corporation shall continue to provide to the Director of
the Office of Management and Budget financial information
consistent with that contained in the reports that were being
provided to the Director immediately prior to the effective date
of the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989.
(2) Financial operating plans and forecasts
The Corporation shall also provide to the Director copies of
the Corporation's financial operating plans and forecasts as
prepared by the Corporation in the ordinary course of its
operations, and copies of the quarterly reports of the
Corporation's financial condition and results of operations as
prepared by the Corporation in the ordinary course of its
operations.
(3) Rule of construction
This subsection may not be construed as implying any obligation
on the part of the Corporation to consult with or obtain the
consent or approval of the Director with respect to any reports,
plans, forecasts, or other information referred to in paragraph
(1) or (2) or any jurisdiction or oversight over the affairs or
operations of the Corporation.
(d) Audit
(1) Audit required
The Comptroller General shall audit annually the financial
transactions of the Corporation (!1) the Deposit Insurance Fund
and the FSLIC Resolution Fund in accordance with generally
accepted government auditing standards.
(2) Access to books and records
All books, records, accounts, reports, files, and property
belonging to or used by the Corporation (!1) the Deposit
Insurance Fund and the FSLIC Resolution Fund, or by an
independent certified public accountant retained to audit the
Fund's financial statements, shall be made available to the
Comptroller General.
(e) Audit of Corporation
The financial transactions of the Corporation shall be audited by
the Government Accountability Office in accordance with the
principles and procedures applicable to commercial corporate
transactions and under such rules and regulations as may be
prescribed by the Comptroller General of the United States. The
audit shall be conducted at the place or places where accounts of
the Corporation are normally kept. The representatives of the
Government Accountability Office shall have access to all books,
accounts, records, reports, files, and all other papers, things, or
property belonging to or in use by the Corporation pertaining to
its financial transactions and necessary to facilitate the audit,
and they shall be afforded full facilities for verifying
transactions with the balances or securities held by depositaries,
fiscal agents, and custodians. All such books, accounts, records,
reports, files, papers, and property of the Corporation shall
remain in possession and custody of the Corporation. The audit
shall begin with financial transactions occurring on and after
August 31, 1948. The Corporation shall be audited at least once in
every three years.
(f) Report of audit
A report of each audit conducted under subsection (b) of this
section shall be made by the Comptroller General to the Congress
not later than six and one-half months following the close of the
last year covered by such audit. The report to the Congress shall
set forth the scope of the audit and shall include a statement of
assets and liabilities and surplus or deficit; a statement of
surplus or deficit analysis; a statement of income and expenses; a
statement of sources and application of funds and such comments and
information as may be deemed necessary to inform Congress of the
financial operations and condition of the Corporation, together
with such recommendations with respect thereto as the Comptroller
General may deem advisable. The report shall also show specifically
any program, expenditure, or other financial transaction or
undertaking observed in the course of the audit, which, in the
opinion of the Comptroller General, has been carried on or made
without authority of law. A copy of each report shall be furnished
to the President, to the Secretary of the Treasury, and to the
Corporation at the time submitted to the Congress.
(g) Assistance in audit; costs
For the purpose of conducting such audit the Comptroller General
is authorized in his discretion to employ by contract, without
regard to section 5 of title 41, professional services of firms and
organizations of certified public accountants, with the concurrence
of the Corporation, for temporary periods or for special purposes.
The Corporation shall reimburse the Government Accountability
Office for the cost of any such audit as billed therefor by the
Comptroller General, and the Government Accountability Office shall
deposit the sums so reimbursed into the Treasury as miscellaneous
receipts.