§ 10101. Audits
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/usc/title-36/section-10101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General.— Except as otherwise provided, the financial statements of each corporation in part B of this subtitle shall be audited annually in accordance with generally accepted auditing standards by an independent certified public accountant or independent licensed public accountant, certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The audit shall be conducted where the financial statements of the corporation normally are kept. The person conducting the audit shall be given access to—
(1)all records and property owned or used by the corporation necessary to facilitate the audit; and
(2)full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians.
(b)Report.—
(1)The corporation shall submit a report of the audit to Congress not later than 6 months after the close of the fiscal year for which the audit is made. The report shall describe the scope of the audit and include—
(A)statements necessary to present fairly the corporation’s assets, liabilities, and surplus or deficit, and an analysis of the changes in those amounts during the year;
(B)a statement in reasonable detail of the corporation’s income and expenses during the year including the results of any trading, manufacturing, publishing, or other commercial-type endeavor; and
(C)the independent auditor’s opinion of those statements.
(2)The report may not be printed as a public document, except as part of proceedings authorized to be printed under section 1332 of title 44.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1283.)
In this section, the text of 36:1101 is omitted as unnecessary because of the addition of the words “Except as otherwise provided” in subsection
(a)of this section. The text of 36:1166, 1213(a), and 5206(a) is omitted as unnecessary because of the restatement of 36:1102 and 1103 as general provisions covering, except as otherwise provided, all federally chartered corporations referred to in part B of subtitle II of the revised title. The text of 36:1084 (less
(b)(2d sentence cl. (2))), 4315 (less
(b)(2d sentence cl. (2))), 4514 (less
(b)(2d sentence cl. (2))), and 4610 (less
(b)(2d sentence cl. (2))) is omitted as unnecessary because of the restatement in this section of the general audit provisions of 36:1102 and 1103.
In subsection (a), before clause (1), the words “Except as otherwise provided” are added because certain corporations referred to in part B of subtitle II of the revised title are not covered by the audit requirements restated in the revised section. The words “at the place or places” and “or persons” are omitted as unnecessary. The words “financial statements” are substituted for “accounts” to use the generally accepted term for audits conducted by public accountants. The words “shall be given access to” are substituted for “shall be made available to” and “shall be afforded to” for consistency.
In clause (1), the words “records and property owned or used by” are substituted for “books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by” for consistency in the revised title and with other titles of the United States Code and to eliminate unnecessary words.
In subsection (b)(1)(B), the words “supplemented . . . by” and “carried on by the corporation” are omitted as unnecessary.
Connections52 cite this · traces to 2
Cited by 52 sections · top 49
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statutes-at-large
bill
3 references not yet in our index
- Pub. L. 105–225
- 112 Stat. 1283
- section 3003 of Pub. L. 104–66
Citation graph
cites case law
§ 10101
Audits
U.S.C.×50
Bills×1
Stat.×1
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1283
Pub. L.section 3003 of Pub. L. 104–66
Cites 5Cited by 52 across 3 sources