§2996h Audits

Summary

The Corporation must have its books and accounts audited every year by independent certified public accountants licensed where the audit happens and working under standard auditing rules. The audits must be done where the records are kept, and the auditors must be given access to all books, records, reports, and related property so they can check transactions with banks and custodians. The annual audit report must be filed with the Government Accountability Office and kept for public inspection during business hours at the Corporation’s main office. If federal funds pay any part of the Corporation’s operations in a fiscal year, the Government Accountability Office may also audit the Corporation, may inspect the same records, and the Corporation must keep those records in its custody for three years (longer if the GAO requires it under 31 U.S.C. 3523(c)). The Comptroller General must report such audits to Congress and the President. The Corporation must make sure that each grantee, contractor, or other recipient of its money has an annual financial audit. Those audit reports must be kept at the Corporation’s main office for at least five years and made available to the public during business hours. The Corporation must give copies to the Comptroller General on request, and the Comptroller General may inspect recipients’ records about how the Corporation’s funds were used. Neither the Corporation nor the Comptroller General can access documents protected by the attorney-client privilege.