PRIA, Government Policy, Made Personal

Summary

The Institute must have its accounts checked every year by independent certified public accountants using normal auditing rules. The checks must happen where the records are kept. The Institute must give auditors all books, records, files, and access needed to confirm transactions and balances with banks, custodians, and agents. The yearly audit report must be sent to the Government Accountability Office and kept for the public to see at the Institute’s main office during business hours. When federal money helps pay the Institute, the GAO may also audit those years. The GAO gets the same access to records and can require the Institute to keep records for at least three years (or longer under 31 U.S.C. 3523(c)). The GAO’s head will report findings and recommendations to Congress and the Attorney General. The Institute must also make sure any recipient of its funds gets an annual fiscal audit, keep those audit reports for at least five years at its main office, send copies to the Comptroller General, and let the Comptroller General inspect recipients’ records; those reports must be open for public inspection.

Title 42, §10711

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Time and place of audits; standards; availability of books, accounts, facilities, etc., to auditors; filing of report and availability for public inspection

(1)The accounts of the Institute shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory 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 Institute are normally kept. All books, accounts, financial records, reports, files, and other papers or property belonging to or in use by the Institute and necessary to facilitate the audits shall be made available to the person or persons conducting the audits. The full facilities for verifying transactions with the balances and securities 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 Institute.

(b)Additional audits; requirements; reports and recommendations to Congress and Attorney General

(1)In addition to the annual audit, the financial transactions of the Institute for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the Government Accountability Office in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States.

(2)Any such audit shall be conducted at the place or places where accounts of the Institute 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 property belonging to or in use by the Institute and necessary to facilitate the audit. The full facilities for verifying transactions with the balances and securities held by depositories, fiscal agents, and custodians shall be afforded to such representatives. All such books, accounts, financial records, reports, files, and other papers or property of the Institute shall remain in the possession and custody of the Institute throughout the period beginning on the date such possession or custody commences and ending three years after such date, but the Government Accountability Office may require the retention of such books, accounts, financial records, reports, files, and other 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 Attorney General, together with such recommendations with respect thereto as the Comptroller General deems advisable.

(c)Annual audits by Institute or recipients; reports; submission of copies to Comptroller General; inspection of books, accounts, etc.; availability of audit reports for public inspection

(1)The Institute shall conduct, or require each recipient to provide for, an annual fiscal audit. The report of each such audit shall be maintained for a period of at least five years at the principal office of the Institute.

(2)The Institute shall submit to the Comptroller General of the United States copies of such reports, and the Comptroller General may, in addition, inspect the books, accounts, financial records, files, and other papers or property belonging to or in use by such grantee, contractor, person, or entity, which relate to the disposition or use of funds received from the Institute. Such audit reports shall be available for public inspection during regular business hours, at the principal office of the Institute.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2004—Subsecs. (a)(3), (b)(1), (2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Oct. 1, 1985, see section 216 of Pub. L. 98–620, set out as a note under section 10701 of this title.

§10711 Audits