(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9105(a) | 31:850(1st sentence 1st–16th, 30th–46th words, 4th–last sentences). | Dec. 6, 1945, ch. 557, §105, |
| 31:857(1st sentence 1st–26th, 39th–last words, 4th–last sentences). | Dec. 6, 1945, ch. 557, §202, |
|
| 9105(b) | 31:866(a)(last proviso), (b). | Dec. 6, 1945, ch. 557, §301, |
| 9105(c) | 31:850(1st sentence 17th–29th words, 2d, 3d sentences). | |
| 31:857(1st sentence 27th–38th words, 2d, 3d sentences). | ||
| 9105(d) | 31:850(1st sentence proviso). | |
| 9105(e) | 31:866(a)(words before 1st comma, 1st proviso), (d). | |
| 9105(f) | 31:866(c). | |
| 9105(g) | 31:866(a)(words between 1st comma and 1st proviso). |
In the section, the words "Comptroller General" are substituted for "General Accounting Office" for consistency.
In subsection (a), the words "rules and . . . of the United States" are omitted as surplus. The words "United States" are added for consistency. The text of 31:850(4th sentence) and 857(4th sentence) and the words "Effective July 1, 1974" are omitted as executed.
In subsection (b)(1), the words "pursuant to law" are omitted as surplus.
In subsection (b)(2), the words "may make a contract" are substituted for "is authorized in his discretion to employ by contract" to eliminate unnecessary words.
In subsection (c), before clause (1), the words "at the place or places" and "of the respective corporations" are omitted as surplus. The words "A Government corporation shall" are added for clarity. In clause (1), the words "make available . . . for audit all records" are substituted for "The representatives of . . . shall have access to all books, accounts, financial records, reports, files, and all other papers" for consistency and because of the restatement. The words "things, or" are omitted because they are included in "property". In clause (2), the word "full" is omitted as surplus.
Subsection (d) is substituted for 31:850(1st sentence proviso words before 7th comma) because of the restatement.
In subsection (e), the words "The Comptroller General shall pay the cost of an audit" are substituted for "The expenses of auditing the financial transactions of wholly owned and mixed-ownership Government corporations as provided in sections 850 and 857 of this title shall be borne out of appropriations to the General Accounting Office" to eliminate unnecessary words. The words "full" and "otherwise . . . funds of any . . . be used to . . . of the offices" are omitted as surplus. The words "except the cost of such audits contracted for and undertaken prior to April 25, 1945" are omitted as executed.
Subsection (g) is substituted for 31:866(a)(words between 1st comma and 1st proviso) for clarity and consistency.
The Inspector General Act of 1978, referred to in subsec. (a)(1), is
1993-Subsec. (a)(1).
1990-
1989-Subsec. (a)(2).
1988-Subsec. (a)(4).
1987-Subsec. (a)(3).
Committee on Governmental Affairs of Senate changed to Committee on Homeland Security and Governmental Affairs of Senate, effective Jan. 4, 2005, by Senate Resolution No. 445, One Hundred Eighth Congress, Oct. 9, 2004.
Committee on Government Operations of House of Representatives treated as referring to Committee on Government Reform and Oversight of House of Representatives by section 1(a) of
Amendment by
Amendment by
Similar provisions were contained in the following prior appropriation acts: