§2297b–5. Audits
(a) Independent audits
(1) In general
The financial statements of the Corporation shall be prepared in accordance with generally accepted accounting principles and shall be audited annually by an independent certified public accountant in accordance with auditing standards issued by the Comptroller General. Such auditing standards shall be consistent with the private sector's generally accepted auditing standards.
(2) Review by GAO
The Comptroller General may review any audit of the Corporation's financial statements conducted under paragraph (1). The Comptroller General shall report to the Congress and the Corporation the results of any such review and shall include in such report appropriate recommendations.
(b) GAO Audits
(1) In general
The Comptroller General may audit the financial statements of the Corporation for any year in the manner provided in subsection (a)(1) of this section.
(2) Reimbursement by Corporation
The Corporation shall reimburse the Comptroller General for the full cost of any audit conducted under this subsection, as determined by the Comptroller General.
(c) Availability of books and records
All books, accounts, financial records, reports, files, papers, and other property belonging to or in use by the Corporation and its auditor that the Comptroller General considers necessary to the performance of any audit or review under this section shall be made available to the Comptroller General, subject to section 2297b–13 of this title.
(d) Treatment of GAO audits
Activities the Comptroller General conducts under this section shall be in lieu of any other audit of the financial transactions of the Corporation the Comptroller General is required to make under chapter 91 of title 31 or other law.
(Aug. 1, 1946, ch. 724, title II, §1306, as added Oct. 24, 1992,