Title 48 — Territories and Insular Possessions
Part A · Chapter 18 — Micronesia, Marshall Islands, and Palau
§ 1910. Implementation of audit agreements
Statutory text
Transmission of annual financial statement
Upon receipt of the annual financial statement described in sections 1902(c)(4) and 1903(m)(4) of this title, the President shall promptly transmit a copy of such statement to the Congress.
Annual audits by President
The President shall cause an annual audit to be conducted of the annual financial statements described in sections 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.
The President shall develop and implement procedures to carry out such audits. Such procedures shall include the matters described in sections 1902(c)(2) and 1903(m)(2) of this title.
Authority of GAO
The Comptroller General of the United States shall have the authority to conduct the audits referred to in sections 1902(c)(1) and 1903(m)(1) of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Compact of Free Association Act of 1985
Pub. L. 99–239 title I § 110 · 99 Stat. 1770
Enacted · 48 U.S.C. § 1910
(Pub. L. 99–239, title I, § 110, Jan. 14, 1986, 99 Stat. 1798.)
Source evidence
Code source credit
(Pub. L. 99–239, title I, § 110, Jan. 14, 1986, 99 Stat. 1798.)Enacted provision · exact public law section
SEC. 110. IMPLEMENTATION OF AUDIT AGREEMENTS. (a) Transmission of Annual Financial Statement.— Upon receipt of the annual financial statement described in sections 102(c)(4) Ante, pp. 1775, 1778. and 103(m)(4), the President shall promptly transmit a copy of such statement to the Congress. (b) Annual Audits by the President.— (1) The President shall cause an annual audit to be conducted of the annual financial statements described in sections 102(c)(4) and 103(m)(4). 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 sections 102(c)(2) and 103(m)(2) of this title. (c) Authority of GAO.— The Comptroller General of the United States shall have the authority to conduct the audits referred to in sections 102(c)(1) and 103(m)(1) of this title. Post, pp. 1775, 1778. 48 USC 1681 note.
1 of 1 references resolved to an enrolled provision
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 Requirements
For termination, effective , 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.