42 U.S.C. § 2996h — Audits

Page 5664 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 2996h Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1977 AMENDMENT Amendment by Pub. L. 95–222 effective Dec. 28, 1977, see section 17(b) of Pub. L. 95–222, set out as a note under section 2996 of this title. TERMINATION OF REPORTING REQUIREMENTS For termination, effective May 15, 2000, of provisions in subsec. (c) of this section relating to filing annual report with Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and item 2 on page 202 of House Document No. 103–7. § 2996h. Audits (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 con- ducted in accordance with generally accepted auditing standards by independent certified pub- lic accountants who are certified by a regu- latory 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, finan- cial records, reports, files, and other papers or property belonging to or in use by the Corpora- tion and necessary to facilitate the audits shall be made available to the person or persons con- ducting the audits; and full facilities for verifying transactions with the balances and se- curities 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 Cor- poration. (b) Audit by Government Accountability Office (1) In addition to the annual audit, the finan- cial transactions of the Corporation for any fis- cal year during which Federal funds are avail- able to finance any portion of its operations may be audited by the Government Account- ability Office in accordance with such rules and regulations as may be prescribed by the Comp- troller General of the United States. (2) Any such audit shall be conducted at the place or places where accounts of the Corpora- tion 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 prop- erty belonging to or in use by the Corporation and necessary to facilitate the audit; and full fa- cilities for verifying transactions with the bal- ances and securities held by depositories, fiscal agents, and custodians shall be afforded to such representatives. All such books, accounts, finan- cial 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 end- ing three years after such date, but the Govern- ment Accountability Office may require the re- tention of such books, accounts, financial rec- ords, reports, files, papers, or property for a longer period under section 3523(c) of title 31. (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 re- ceiving financial assistance under this sub- chapter 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 Gen- eral may, in addition, inspect the books, ac- counts, financial records, files, and other papers or property belonging to or in use by such grant- ee, 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 Cor- poration. (d) Attorney-client privilege Notwithstanding the provisions of this section or section 2996g of this title, neither the Cor- poration nor the Comptroller General shall have access to any reports or records subject to the attorney-client privilege. (Pub. L. 88–452, title X, § 1009, as added Pub. L. 93–355, § 2, July 25, 1974, 88 Stat. 387; amended Pub. L. 95–222, § 14, Dec. 28, 1977, 91 Stat. 1623; Pub. L. 104–66, title II, § 2111, Dec. 21, 1995, 109 Stat. 730; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.) Editorial Notes CODIFICATION In subsec. (b)(2), ‘‘section 3523(c) of title 31’’ sub- stituted for ‘‘section 117(b) of the Accounting and Au- diting Act of 1950 (31 U.S.C. 67(b))’’ on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first sec- tion of which enacted Title 31, Money and Finance. AMENDMENTS 2004—Subsecs. (a)(3), (b)(1), (2). Pub. L. 108–271 sub- stituted ‘‘Government Accountability Office’’ for ‘‘Gen- eral Accounting Office’’ wherever appearing. 1995—Subsec. (c)(2). Pub. L. 104–66 substituted ‘‘Upon request, the’’ for ‘‘The’’ in first sentence. 1977—Subsec. (b)(2). Pub. L. 95–222 inserted provisions relating to duration of retention of books, etc., by Cor- poration. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1977 AMENDMENT Amendment by Pub. L. 95–222 effective Dec. 28, 1977, see section 17(b) of Pub. L. 95–222, set out as a note under section 2996 of this title. § 2996i. Financing (a) Authorization of appropriations There are authorized to be appropriated for the purpose of carrying out the activities of the Corporation, $90,000,000 for fiscal year 1975, $100,000,000 for fiscal year 1976, and such sums as