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Title 22, Foreign Relations and IntercourseRelease 119-110

§283j–1 Audit

Title 22 › CHAPTER 7 — INTERNATIONAL BUREAUS, CONGRESSES, ETC. › SUBCHAPTER XII — INTER-AMERICAN DEVELOPMENT BANK › § 283j–1

Last updated Sep 22, 2026|Official source

Summary

The Secretary of the Treasury must ask the U.S. Executive Director to propose that the Bank’s Board set up selective, ongoing independent audits of the Inter-American Development Bank. The Secretary must also write the audit scope and the auditing and reporting rules for the U.S. Executive Director to use when helping set the audit terms. Audit reports must go to the Board of Executive Directors and the Board of Governors. The National Advisory Council must report to Congress on how well the Bank’s loans were carried out, using those audit reports. The Comptroller General may review the audits and tell the Secretary and Congress any suggestions to improve the audits or the auditing rules.

Full Legal Text

Title 22, §283j–1

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Establishment
The Secretary of the Treasury shall instruct the United States Executive Director to propose the establishment by the Board of Executive Directors of a program of selective but continuing independent and comprehensive audit of the Inter-American Development Bank, in accordance with such terms of reference as the Board of Executive Directors itself (or through a subcommittee), may prescribe. Such proposal shall provide that the audit reports be submitted to the Board of Executive Directors and to the Board of Governors.
(b)Scope and standards
The Secretary of the Treasury shall prepare the scope of the audit and the auditing and reporting standards for the use of the United States Executive Director in assisting in the formulation of the terms of reference.
(c)Reports
The reports of the National Advisory Council on International Monetary and Financial Policies to the Congress shall include, among other things, an appraisal of the effectiveness of the implementation and administration of the loans made by the Bank based upon the audit reports. The Comptroller General may review the reports of audit and findings issued and report to the Secretary of the Treasury and the Congress any suggestions he might have in improving the scope of the audit or auditing and reporting standards of the independent auditing firm, group, or staff.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1996—Subsec. (b). Pub. L. 104–316 substituted “Secretary of the Treasury shall prepare” for “Comptroller General of the United States shall prepare for the Secretary of the Treasury”. Subsec. (c). Pub. L. 104–316 substituted “may review” for “shall periodically review” in second sentence.

Reference

Citations & Metadata

Citation

22 U.S.C. § 283j–1

Title 22, Foreign Relations and Intercourse

Last Updated

Sep 22, 2026

Release point: 119-110