31 U.S.C. § 9105 : US Code - Section 9105: Audits

Search 31 U.S.C. § 9105 : US Code - Section 9105: Audits

(a)(1) The financial statements of Government corporations shall
be audited by the Inspector General of the corporation appointed
under the Inspector General Act of 1978 (5 U.S.C. App.), or under
other Federal law, or by an independent external auditor, as
determined by the Inspector General or, if there is no Inspector
General, by the head of the corporation.
(2) Audits under this section shall be conducted in accordance
with applicable generally accepted government auditing standards.
(3) Upon completion of the audit required by this subsection, the
person who audits the statement shall submit a report on the audit
to the head of the Government corporation, to the Chairman of the
Committee on Government Operations of the House of Representatives,
and to the Chairman of the Committee on Governmental Affairs of the
Senate.
(4) The Comptroller General of the United States -
(A) may review any audit of a financial statement conducted
under this subsection by an Inspector General or an external
auditor;
(B) shall report to the Congress, the Director of the Office of
Management and Budget, and the head of the Government corporation
which prepared the statement, regarding the results of the review
and make any recommendation the Comptroller General of the United
States considers appropriate; and
(C) may audit a financial statement of a Government corporation
at the discretion of the Comptroller General or at the request of
a committee of the Congress.
An audit the Comptroller General performs under this paragraph
shall be in lieu of the audit otherwise required by paragraph (1)
of this subsection. Prior to performing such audit, the Comptroller
General shall consult with the Inspector General of the agency
which prepared the statement.
(5) A Government corporation shall reimburse the Comptroller
General of the United States for the full cost of any audit
conducted by the Comptroller General under this subsection, as
determined by the Comptroller General. All reimbursements received
under this paragraph by the Comptroller General of the United
States shall be deposited in the Treasury as miscellaneous
receipts.
(b) Upon request of the Comptroller General of the United States,
a Government corporation shall provide to the Comptroller General
of the United States all books, accounts, financial records,
reports, files, workpapers, and property belonging to or in use by
the Government corporation and its auditor that the Comptroller
General of the United States considers necessary to the performance
of any audit or review under this section.
(c) Activities of the Comptroller General of the United States
under this section are in lieu of any audit of the financial
transactions of a Government corporation that the Comptroller
General is required to make under any other law.