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Title 48 — Territories and Insular PossessionsRelease 119-73not60

§1910 Implementation of Audit Agreements

Title 48 › Chapter 18— MICRONESIA, MARSHALL ISLANDS, AND PALAU › Subchapter I— MICRONESIA AND MARSHALL ISLANDS › Part A— Approval and Implementation of Original Compact › § 1910

Last updated Apr 5, 2026|Official source

Summary

The President must send Congress a copy of the annual financial statements named in sections 1902(c)(4) and 1903(m)(4) as soon as they are received. The President must also arrange an annual audit of those statements. The audit must follow the Generally Accepted Government Auditing Standards set by the Comptroller General and be sent to Congress within 180 days after the end of the U.S. fiscal year. The President must create and use procedures to run these audits that include the items listed in sections 1902(c)(2) and 1903(m)(2). The Comptroller General may carry out the audits mentioned in sections 1902(c)(1) and 1903(m)(1).

Full Legal Text

Title 48, §1910

Territories and Insular Possessions — Source: USLM XML via OLRC

(a)Upon receipt of the annual financial statement described in section 1902(c)(4) and 1903(m)(4) of this title, the President shall promptly transmit a copy of such statement to the Congress.
(b)(1)The President shall cause an annual audit to be conducted of the annual financial statements described in section 1902(c)(4) and 1903(m)(4) of this title. Such audit shall be conducted in accordance with the Generally Accepted Government Auditing Standards promulgated by the Comptroller General of the United States. Such audit shall be submitted to the Congress not later than 180 days after the end of the United States fiscal year.
(2)The President shall develop and implement procedures to carry out such audits. Such procedures shall include the matters described in section 1902(c)(2) and 1903(m)(2) of this title.
(c)The Comptroller General of the United States shall have the authority to conduct the audits referred to in section 1902(c)(1) and 1903(m)(1) of this title.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly set out as a note under section 1681 of this title.

Statutory Notes and Related Subsidiaries

Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions in subsec. (b) of this section relating to the requirement that the annual audit be submitted to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and the 13th item on page 37 of House Document No. 103–7.

Reference

Citations & Metadata

Citation

48 U.S.C. § 1910

Title 48 — Territories and Insular Possessions

Last Updated

Apr 5, 2026

Release point: 119-73not60