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42 U.S.C. § 2703 — Audits
Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual audit; availability of records; filing and inspection of report**
(1) The accounts of the Corporation shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.
(2) The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Corporation and necessary to facilitate the audits shall be made available to the person or persons conducting the audits; and full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be afforded to any such person.
(3) The report of the annual audit shall be filed with the Government Accountability Office and shall be available for public inspection during business hours at the principal office of the Corporation.
**(b) Audit by Government Accountability Office**
(1) In addition to the annual audit, the financial transactions of the Corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the Government Accountability Office in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States.
(2) Any such audit shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Government Accountability Office shall have access to all books, accounts, financial records, reports, files, and other papers or property belonging t
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Source file: Laws/federal/codes/united-states-code/title-42/section-2703-audits--53f8ad909b.md
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Source location: Title 42, Chapter 34, § 2703; chapter-034-economic-opportunity-program.md
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**(a) Annual audit; availability of records; filing and inspection of report**
(1) The accounts of the Corporation shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.
(2) The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Corporation and necessary to facilitate the audits shall be made available to the person or persons conducting the audits; and full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be afforded to any such person.
(3) The report of the annual audit shall be filed with the Government Accountability Office and shall be available for public inspection during business hours at the principal office of the Corporation.
**(b) Audit by Government Accountability Office**
(1) In addition to the annual audit, the financial transactions of the Corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the Government Accountability Office in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States.
(2) Any such audit shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Government Accountability Office shall have access to all books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Corporation and necessary to facilitate the audit; and full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be afforded to such representatives. All such books, accounts, financial records, reports, files, and other papers or property of the Corporation shall remain in the possession and custody of the Corporation throughout the period beginning on the date such possession or custody commences and ending three years after such date, but the Government Accountability Office may require the retention of such books, accounts, financial records, reports, files, papers, or property for a longer period under [section 3523(c) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3523/c&num=0&edition=prelim).
(3) A report of such audit shall be made by the Comptroller General to the Congress and to the President, together with such recommendations with respect thereto as he shall deem advisable.
**(c) Annual financial audit of recipient persons or bodies**
(1) The Corporation shall conduct, or require each grantee, contractor, or person or entity receiving financial assistance under this subchapter to provide for, an annual financial audit. The report of each such audit shall be maintained for a period of at least five years at the principal office of the Corporation.
(2) Upon request, the Corporation shall submit to the Comptroller General of the United States copies of such reports, and the Comptroller General may, in addition, inspect the books, accounts, financial records, files, and other papers or property belonging to or in use by such grantee, contractor, or person or entity, which relate to the disposition or use of funds received from the Corporation. Such audit reports shall be available for public inspection, during regular business hours, at the principal office of the Corporation.
**(d) Attorney-client privilege** Notwithstanding the provisions of this section or [section 2996g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2996g&num=0&edition=prelim), neither the Corporation nor the Comptroller General shall have access to any reports or records subject to the attorney-client privilege.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, Pub. L. 88–452, title IX, § 905, as added Pub. L. 92–424, § 27(a), Sept. 19, 1972, 86 Stat. 705, allowed head of any agency administering a program authorized under this chapter to conduct evaluations and take other action to same extent as Director under this subchapter, prior to the general amendment of this subchapter by Pub. L. 93–644, § 12, Jan. 4, 1975, 88 Stat. 2327.
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Federal law — U.S. Code and appendices · legal_authorities
Nothing in this subchapter shall be construed to prohibit interagency funding agreements made between the Administration and other agencies of the Federal Government for the development and implementation of specific grants or projects.
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Federal law — U.S. Code and appendices · legal_authorities
Page 5624
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 2702
§ 2702. Omitted
Editorial Notes
CODIFICATION
Section, Pub. L. 90–222, § 2, Dec. 23, 1967, 81 Stat. 672,
authorized appropriations for fiscal years 1968 and 1969.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 90–222, title IV, § 401, Dec. 23, 1967, 81 Stat. 728,
provided that: ‘‘The amendments made by this Act [see
Short Title of 1967 Amendment note set out under sec-
tion 2701 of this title] shall be in effect immediately
upon its enactment [Dec. 23, 1967], except as provided in
this section. Until June 30, 1968, the provisions of sec-
tion 202 of the Economic Opportunity Act of 1964 as in
effect immediately prior to the enactment of this Act
[section 2782 of this title] shall apply to community ac-
tion agencies in existence and funded prior to the en-
actment of this Act [Dec. 23, 1967], except that in any
grant or funding agreement made with such an agency
prior to June 30, 1968, adequate provision shall be made
for transfer of functions, obligations, records, author-
ity, and funds to any community action agency des-
ignated pursuant to sections 210 or 211 of the Economic
Opportunity Act of 1964 as amended by this Act [sec-
tions 2790 or 2791 of this title]: Provided, however, That
nothing in this Act shall require the termination before
February 1, 1969 of an existing community action agen-
cy or any program assisted under the Economic Oppor-
tunity Act of 1964 [this chapter] prior to the designa-
tion of, and provision of financial assistance to, a com-
munity action agency or other agency established
under sections 210 and 211 of the Economic Opportunity
Act [sections 2790 and 2791 of this title] as amended by
this Act.’’
ACCESS OF GAO TO GRANTEE’S RECORDS
Pub. L. 91–66
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