Source: https://www.law.cornell.edu/uscode/text/22/3723
Timestamp: 2020-06-05 04:25:29
Document Index: 125817255

Matched Legal Cases: ['§ 3723', 'art 3', '§\u202f3723', '§\u202f1313', '§\u202f3526', '§\u202f3541', '§\u202f3512', '§\u202f3526', '§\u202f3541', '§\u202f3526', '§\u202f3526', '§\u202f3526', '§\u202f3546', '§\u202f3546', '§\u202f3541', '§\u202f3546', '§\u202f3526', '§\u202f3546', '§\u202f3526']

22 U.S. Code § 3723 - Audits | U.S. Code | US Law | LII / Legal Information Institute
Subchapter I. ADMINISTRATION AND REGULATIONS
Part 3. Funds and Accounts
Subpart ii. accounting policies and audits
Section 3723. Audits
22 U.S. Code § 3723. Audits
Notwithstanding any other provision of law, and subject to subsection (c), financial transactions of the Commission shall be audited by the Comptroller General of the United States (hereinafter in this chapter referred to as the “Comptroller General”). In conducting any such audit, the appropriate representatives of the Comptroller General shall have access to all books, accounts, financial records, reports, files, and other papers, items, or property in use by the Commission and necessary to facilitate such audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. Any such audit shall first be conducted with respect to the fiscal year in which this chapter becomes effective. An audit performed under this section is subject to the requirements of paragraphs (2), (3), and (5) of section 9105(a) of title 31.
(d) Examination and report on Commission’s financial forecast
In addition to auditing the financial statements of the Commission, the Comptroller General (or the independent auditor if one is employed pursuant to subsection (c)) shall, in accordance with standards for an examination of a financial forecast established by the American Institute of Certified Public Accountants, examine and report on the Commission’s financial forecast that it will be in a position to meet its financial liabilities on December 31, 1999.
(Pub. L. 96–70, title I, § 1313, Sept. 27, 1979, 93 Stat. 479; Pub. L. 104–106, div. C, title XXXV, § 3526(a), Feb. 10, 1996, 110 Stat. 640; Pub. L. 104–201, div. C, title XXXV, §§ 3541(b), 3546(a)(9), (b), Sept. 23, 1996, 110 Stat. 2867, 2868; Pub. L. 105–261, div. C, title XXXV, § 3512(a)(3), Oct. 17, 1998, 112 Stat. 2271.)
1998—Subsecs. (a), (b), (d). Pub. L. 105–261 substituted “subsection (c)” for “subsection (d)”.
1996—Pub. L. 104–106, § 3526(a)(1), substituted “Audits” for “Audit by the Comptroller General of the United States” as section catchline.
Subsec. (a). Pub. L. 104–201, § 3541(b), which directed substitution of “chapter 91 of title 31” for “the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)”, could not be executed because that phrase did not appear subsequent to amendment by Pub. L. 104–106, § 3526(a)(2)(B). See below.
Pub. L. 104–106, § 3526(a)(2), substituted “Notwithstanding any other provision of law, and subject to subsection (d), financial transactions” for “Financial transactions”, struck out “pursuant to the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)” after “as the ‘Comptroller General’)”, substituted “conducting any such audit” for “conducting any audit pursuant to such Act” and “Any such audit shall first” for “An audit pursuant to such Act shall first”, and inserted at end “An audit performed under this section is subject to the requirements of paragraphs (2), (3), and (5) of section 9105(a) of title 31.”
Subsec. (b). Pub. L. 104–106, § 3526(a)(3), substituted “Subject to subsection (d) of this section, the Comptroller General” for “The Comptroller General” in introductory provisions.
Subsec. (c). Pub. L. 104–201, § 3546(b), redesignated subsec. (d) as (c).
Pub. L. 104–201, § 3546(a)(9), struck out subsec. (c) which read as follows: “In conducting the audits and preparing the reports provided for in this section and in carrying out his other responsibilities pursuant to law, the Comptroller General shall, with respect to fiscal year 1980, take into account the problems inherent in converting the existing accounting system of the Panama Canal Company to conform to the requirements established in section 3721 of this title. Accordingly, the Comptroller General shall take no adverse action with respect to the Commission, nor shall any violation of sections 1341, 1342, and 1349–1351 and subchapter II of chapter 15 of title 31 be considered to have taken place, so long as the Commission is in substantial compliance with the requirements of this chapter. The Comptroller General shall make such recommendations to the Commission and to the Congress as he may consider appropriate to insure that full compliance with the financial controls provided for in chapter 91 of title 31 is achieved promptly.”
Pub. L. 104–201, § 3541(b), substituted “chapter 91 of title 31” for “the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)”.
Subsec. (d). Pub. L. 104–201, § 3546(b), redesignated subsec. (e) as (d). Former subsec. (d) redesignated (c).
Pub. L. 104–106, § 3526(a)(4), added subsec. (d).
Subsec. (e). Pub. L. 104–201, § 3546(b), redesignated subsec. (e) as (d).
Pub. L. 104–106, § 3526(a)(4), added subsec. (e).