§1631 — Title 48 Territories and Insular Possessions | U.S. Code

Summary

The Governor must set up and keep accounting and internal control systems. These systems must report the government's finances, give managers the financial information they need, control and account for all money and property (including audits), and produce accurate records to support requests to the President or his chosen representative to obligate and spend internal revenue collections under section 26, the Governor's budget to the legislature, and budget execution.

Title 48, §1631

Territories and Insular Possessions — Source: USLM XML via OLRC

The Governor shall establish and maintain systems of accounting and internal control designed to provide—

(a)full disclosure of the financial results of the government’s activities;

(b)adequate financial information needed for the government’s management purposes;

(c)effective control over and accountability for all funds, property, and other assets for which the government is responsible, including appropriate internal audit; and

(d)reliable accounting results to serve as the basis for preparation and support of the government’s request for the approval of the President or his designated representative for the obligation and expenditure of the internal revenue collections as provided in section 26, the Governor’s budget request to the legislature, and for controlling the execution of the said budget.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 26, referred to in subsec. (d), probably means section 26 of S. 3378 (act July 22, 1954, ch. 558, 68 Stat. 497) prior to the submission of S. 3378 to the Conference Committee which redesignated section 26 as section 28 of S. 3378. Said section 28 was composed of subsecs. (a) to (d). Subsecs. (a), (c), and (d) thereof enacted section 1642, 1643, and 1644 of this title, respectively. Subsec. (b) thereof added subsec. (c) to section 3350 of former Title 26, Internal Revenue Code. Reference to section 3350(c) of former Title 26 is deemed a reference to section 7652(b)(3) of Title 26, Internal Revenue Code. See section 7852(b) of Title 26, Internal Revenue Code, which provides that any reference in any other law to a provision of the Internal Revenue Code of 1939 be deemed a reference to the corresponding provisions of the Internal Revenue Code of 1986.

Statutory Notes and Related Subsidiaries

Agreement Regarding Financial Accountability and Performance Standards Pub. L. 106–84, § 2, Oct. 28, 1999, 113 Stat. 1295, provided that: “(a) In General.—The Secretary of the Interior is authorized to enter into an agreement with the Governor of the Virgin Islands establishing mutually agreed financial accountability and performance standards for the fiscal operations of the Government of the Virgin Islands. “(b) Transmission to Congress.—Upon ratification of the agreement authorized in subsection (a) by both parties, the Secretary shall forward a copy of the agreement to the Committee on Resources [now Committee on Natural Resources] in the House of Representatives and the Committee on Energy and Natural Resources in the Senate.”

§1631 Establishment and maintenance; scope