§ 9105. — Audits.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 31USC9105]
TITLE 31--MONEY AND FINANCE
SUBTITLE VI--MISCELLANEOUS
CHAPTER 91--GOVERNMENT CORPORATIONS
Sec. 9105. Audits
(a)(1) The financial statements of Government corporations shall be
audited by the Inspector General of the corporation appointed under the
Inspector General Act of 1978 (5 U.S.C. App.), or under other Federal
law, or by an independent external auditor, as determined by the
Inspector General or, if there is no Inspector General, by the head of
the corporation.
(2) Audits under this section shall be conducted in accordance with
applicable generally accepted government auditing standards.
(3) Upon completion of the audit required by this subsection, the
person who audits the statement shall submit a report on the audit to
the head of the Government corporation, to the Chairman of the Committee
on Government Operations of the House of Representatives, and to the
Chairman of the Committee on Governmental Affairs of the Senate.
(4) The Comptroller General of the United States--
(A) may review any audit of a financial statement conducted
under this subsection by an Inspector General or an external
auditor;
(B) shall report to the Congress, the Director of the Office of
Management and Budget, and the head of the Government corporation
which prepared the statement, regarding the results of the review
and make any recommendation the Comptroller General of the United
States considers appropriate; and
(C) may audit a financial statement of a Government corporation
at the discretion of the Comptroller General or at the request of a
committee of the Congress.
An audit the Comptroller General performs under this paragraph shall be
in lieu of the audit otherwise required by paragraph (1) of this
subsection. Prior to performing such audit, the Comptroller General
shall consult with the Inspector General of the agency which prepared
the statement.
(5) A Government corporation shall reimburse the Comptroller General
of the United States for the full cost of any audit conducted by the
Comptroller General under this subsection, as determined by the
Comptroller General. All reimbursements received under this paragraph by
the Comptroller General of the United States shall be deposited in the
Treasury as miscellaneous receipts.
(b) Upon request of the Comptroller General of the United States, a
Government corporation shall provide to the Comptroller General of the
United States all books, accounts, financial records, reports, files,
workpapers, and property belonging to or in use by the Government
corporation and its auditor that the Comptroller General of the United
States considers necessary to the performance of any audit or review
under this section.
(c) Activities of the Comptroller General of the United States under
this section are in lieu of any audit of the financial transactions of a
Government corporation that the Comptroller General is required to make
under any other law.
(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 1043; Pub. L. 100-86, title
IV, Sec. 403, Aug. 10, 1987, 101 Stat. 609; Pub. L. 100-233, title VII,
Sec. 703, Jan. 6, 1988, 101 Stat. 1706; Pub. L. 100-399, title VI,
Sec. 602, Aug. 17, 1988, 102 Stat. 1006; Pub. L. 101-73, title V,
Sec. 511(b)(2), Aug. 9, 1989, 103 Stat. 406; Pub. L. 101-576, title III,
Sec. 305, Nov. 15, 1990, 104 Stat. 2853; Pub. L. 103-82, title II,
Sec. 202(e)(2), Sept. 21, 1993, 107 Stat. 888.)
Historical and Revision Notes
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Revised Section Source (U.S. Code) Source (Statutes at Large)
----------------------------------------------------------------------------------------------------------------
9105(a).............................. 31:850(1st sentence 1st-16th, Dec. 6, 1945, ch. 557, Sec. 105, 59
30th-46th words, 4th-last Stat. 599; Aug. 30, 1964, Pub. L. 88-
sentences). 518, Sec. 2(a), 78 Stat. 698; Jan. 2,
1975, Pub. L. 93-604, Sec. 601(a), 88
Stat. 1962.
31:857(1st sentence 1st-26th, Dec. 6, 1945, ch. 557, Sec. 202, 59
39th-last words, 4th-last Stat. 600; Aug. 30, 1964, Pub. L. 88-
sentences). 518, Sec. 1(a), 78 Stat. 698; Jan. 2,
1975, Pub. L. 93-604, Sec. 601(c), 88
Stat. 1962.
9105(b).............................. 31:866(a)(last proviso), (b). Dec. 6, 1945, ch. 557, Sec. 301, 59
Stat. 601.
9105(c).............................. 31:850(1st sentence 17th-29th
words, 2d, 3d sentences).
31:857(1st sentence 27th-38th
words, 2d, 3d sentences).
9105(d).............................. 31:850(1st sentence proviso).
9105(e).............................. 31:866(a)(words before 1st
comma, 1st proviso), (d).
9105(f).............................. 31:866(c).
9105(g).............................. 31:866(a)(words between 1st
comma and 1st proviso).
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In the section, the words ``Comptroller General'' are substituted
for ``General Accounting Office'' for consistency.
In subsection (a), the words ``rules and . . . of the United
States'' are omitted as surplus. The words ``United States'' are added
for consistency. The text of 31:850(4th sentence) and 857(4th sentence)
and the words ``Effective July 1, 1974'' are omitted as executed.
In subsection (b)(1), the words ``pursuant to law'' are omitted as
surplus.
In subsection (b)(2), the words ``may make a contract'' are
substituted for ``is authorized in his discretion to employ by
contract'' to eliminate unnecessary words.
In subsection (c), before clause (1), the words ``at the place or
places'' and ``of the respective corporations'' are omitted as surplus.
The words ``A Government corporation shall'' are added for clarity. In
clause (1), the words ``make available . . . for audit all records'' are
substituted for ``The representatives of . . . shall have access to all
books, accounts, financial records, reports, files, and all other
papers'' for consistency and because of the restatement. The words
``things, or'' are omitted because they are included in ``property''. In
clause (2), the word ``full'' is omitted as surplus.
Subsection (d) is substituted for 31:850(1st sentence proviso words
before 7th comma) because of the restatement.
In subsection (e), the words ``The Comptroller General shall pay the
cost of an audit'' are substituted for ``The expenses of auditing the
financial transactions of wholly owned and mixed-ownership Government
corporations as provided in sections 850 and 857 of this title shall be
borne out of appropriations to the General Accounting Office'' to
eliminate unnecessary words. The words ``full'' and ``otherwise . . .
funds of any . . . be used to . . . of the offices'' are omitted as
surplus. The words ``except the cost of such audits contracted for and
undertaken prior to April 25, 1945'' are omitted as executed.
Subsection (g) is substituted for 31:866(a)(words between 1st comma
and 1st proviso) for clarity and consistency.
References in Text
The Inspector General Act of 1978, referred to in subsec. (a)(1), is
Pub. L. 95-452, Oct. 12, 1978, 92 Stat. 1101, as amended, which is set
out in the Appendix to Title 5, Government Organization and Employees.
Amendments
1993--Subsec. (a)(1). Pub. L. 103-82 inserted ``, or under other
Federal law,'' before ``or by an independent''.
1990--Pub. L. 101-576 amended section generally. Prior to amendment,
section required Comptroller General to audit financial transactions of
Government corporations at least once every 3 years, the Federal Savings
and Loan Insurance Corporation and Federal home loan banks each year,
the Federal Asset Disposition Association and the Federal Agricultural
Mortgage Corporation as necessary; suggested that Comptroller General in
conducting an audit use reports of examinations of Government
corporation by supervising administrative agency and authorized
Comptroller General to contract for professional services; required
audits to be conducted consistent with principles and procedures
applicable to commercial corporate transactions; set forth
responsibility for payment of audit cost, and authorized appropriations.
1989--Subsec. (a)(2). Pub. L. 101-73 struck out ``Federal Savings
and Loan Insurance Corporation and'' after ``The Comptroller General
shall audit the'' and inserted sentence at end requiring the Comptroller
General to audit the Resolution Funding Corporation annually.
1988--Subsec. (a)(4). Pub. L. 100-399 substituted ``Corporation''
for ``Association'' in subpar. (B)(i).
Pub. L. 100-233 added par. (4).
1987--Subsec. (a)(3). Pub. L. 100-86 added par. (3).
Change of Name
Committee on Government Operations of House of Representatives
treated as referring to Committee on Government Reform and Oversight of
House of Representatives by section 1(a) of Pub. L. 104-14, set out as a
note preceding section 21 of Title 2, The Congress. Committee on
Government Reform and Oversight of House of Representatives changed to
Committee on Government Reform of House of Representatives by House
Resolution No. 5, One Hundred Sixth Congress, Jan. 6, 1999.
Effective Date of 1993 Amendment
Amendment by Pub. L. 103-82 effective Oct. 1, 1993, see section
202(i) of Pub. L. 103-82, set out as an Effective Date note under
section 12651 of Title 42, The Public Health and Welfare.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100-399 effective as if enacted immediately
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002
of Title 12, Banks and Banking.
Deposit of Funds Reimbursed to Comptroller General to Appropriation of
General Accounting Office
Pub. L. 106-57, title II, Sept. 29, 1999, 113 Stat. 426, provided in
part: ``That notwithstanding 31 U.S.C. 9105 hereafter amounts reimbursed
to the Comptroller General pursuant to that section shall be deposited
to the appropriation of the General Accounting Office then available and
remain available until expended''.
Similar provisions were contained in the following prior
appropriation acts:
Pub. L. 105-275, title II, Oct. 21, 1998, 112 Stat. 2450.
Pub. L. 105-55, title II, Oct. 7, 1997, 111 Stat. 1196.
Pub. L. 104-197, title II, Sept. 16, 1996, 110 Stat. 2411.
Pub. L. 104-53, title II, Nov. 19, 1995, 109 Stat. 534.
Pub. L. 103-283, title II, July 22, 1994, 108 Stat. 1440.
Section Referred to in Other Sections
This section is referred to in section 9106 of this title; title 12
sections 1431, 1441, 1441a, 1441b, 1789, 4716; title 16 sections 450ss-
3, 698v-4, 831n-4, 838i; title 22 section 3723.
