Sec. 9. Audits and recordkeeping
226 words·~1 min read·
/bill/119/hr/1114/ih/section-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Chief Executive Officer shall ensure that the Enterprise Fund is audited annually by an independent certified public accountant or independent licensed public accountant certified or licensed by a regulatory authority of a State or political subdivision of a State, in accordance with generally accepted auditing standards. With respect to any year during which the Enterprise Fund is in possession of funds received from the United States Government, the Comptroller General of the United States shall audit the financial transactions of the Enterprise Fund to identify waste, fraud, or abuse, in accordance with such principles and procedures and under such rules and regulations as the Comptroller General may prescribe.
The Chief Executive Officer shall ensure that— each recipient of funds provided by the Enterprise Fund under section 7 keeps— a separate account for such funds; such records as may be reasonably necessary to fully disclose— the amount of such funds; the total amount of such funds received by such recipient; the total cost of the project or activity for which the Enterprise Fund provided such funds; and the amount of the cost of the project or activity supplied by sources other than the Enterprise Fund; and any other records that will facilitate an effective audit; and the Chief Executive Officer has access, for the purpose of audit and examination, to any record described in paragraph (1)(B).