§10711 Audits

Summary

Require the Institute to have its accounts checked every year by independent certified public accountants following normal auditing rules. Audits must be done where the Institute keeps its records. The auditors must be allowed to see any records and property needed to check the accounts, and to verify balances with banks, fiscal agents, and custodians. The yearly audit report must be sent to the Government Accountability Office and kept for public inspection at the Institute’s main office during business hours. Allow the Government Accountability Office (Comptroller General) to do extra audits for any year when federal money helps run the Institute. Those GAO audits follow the Comptroller General’s rules and get the same access to records. The Institute must keep such records in its custody for three years after they start being kept, unless the GAO requires them longer under 31 U.S.C. 3523(c). The Comptroller General will send audit reports and recommendations to Congress and the Attorney General. The Institute must also make sure each recipient of its funds has an annual fiscal audit, keep those reports for at least five years at its main office, give copies to the Comptroller General, and make the reports available for public inspection during regular business hours.