Sec. 405. Audits and financial statements of the Corporation

288 words·~1 min read·/bill/115/s/2463/rs/section-405

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Subject to subsection (f), an independent certified public accountant shall perform a financial and compliance audit of the financial statements of the Corporation annually, in accordance with generally accepted government auditing standards for a financial and compliance audit, as issued by the Comptroller General of the United States. The independent certified public accountant who conducts an audit under subsection

(a)shall report the results of the audit to the Executive Director of the Corporation and the appropriate congressional committees. The financial statements of the Corporation and the report required by subsection

(b)shall be presented in accordance with generally accepted accounting principles. Not later than 195 days after the end of the last fiscal year covered by an audit conducted under subsection (a), the Corporation shall submit to the appropriate congressional committees a report that includes— the report required by subsection

(b)with respect to the audit; and the financial statements of the Corporation. The Comptroller General may review an audit conducted under subsection

(a)and the report to the appropriate congressional committees required by subsection

(d)in the manner and at such times as the Comptroller General considers necessary. Instead of an audit conducted under subsection

(a)by a certified public accountant, the Comptroller General shall, if the Comptroller General considers it necessary or upon the request of Congress, audit the financial statements of the Corporation in the manner provided under subsection (a). All books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Corporation or the accountant who conducts an audit under subsection

(a)that are necessary for purposes of conducing the audit, shall be made available to the Comptroller General and such employees as the Comptroller General considers appropriate.