Sec. 402. Annual audit and comptroller review
150 words·~1 min read·
/bill/119/hr/7126/ih/section-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of enactment of this Act, and annually thereafter, an independent qualified public accountant selected by the Board shall audit the financial statements of the Reserve, the results of which shall be made publicly available. An independent qualified public accountant selected under paragraph
(1)shall be— certified and licensed by a State board of accountancy; independent of the Reserve and each authorized intermediary within the meaning of section 210.2–01 of title 17, Code of Federal Regulations (or a successor regulation); and registered with the Public Company Accounting and Oversight Board. The Comptroller General of the United States shall conduct a biennial review of the Reserve, to include— reviewing the most recent annual report submitted pursuant to section 403(a); the operations and functions of the Reserve as managed by the Board; and the performance of the Board in fulfilling the purposes of the Reserve.