Page:United States Statutes at Large Volume 90 Part 1.djvu/1258

 90 STAT. 1208

PUBLIC LAW 94-399—SEPT. 4, 1976

monitor such implementation and report as he deems appropriate to the commission. Balance sheet SEC. 3. (a)(1) For the purpose of meeting the oversight responsiaudit. bilities imposed by the Constitution on the Congress with respect to D.C. Code the District of Columbia, the Congress hereby authorizes the com47-101 note, use prec. title 1. mission, in accordance with the provisions of paragraph (2) of this subsection, to cause to be undertaken, on behalf of the government of the District of Columbia, by a certified public accountant licensed in the District of Columbia, a balance sheet audit of the financial position of the District of Columbia as of September 30, 1977. Such audit may— (A) include an identification of assets, liabilities, accumulated surplus or deficit; and (B) exclude statements of revenues and expenses, changes in fund balances, statements of changes in financial position for enterprise funds, and property and equipment. (2) The balance sheet audit authorized by paragraph (1) of this Notification. subsection shall cover the financial position of the District of Columbia as of September 30, 1977, unless the commission, on or before August 1, 1977, is notified by the Comptroller General to the effect that such an audit as of that date is not practicable, in which case the commission is authorized to cause to be undertaken a balance sheet audit of the financial position of the District of Columbia as of such date as the Comptroller General shall recommend to the commission. (b) The commission is further authorized to cause to be underAudit. taken, on behalf of the government of the District of Columbia, by a certified public accountant licensed in the District of Columbia, an audit or audits of the financial position and results of operations of the District of Columbia for each fiscal year or years next following September 30, 1977, or the date recommended \>y the Comptroller General for the conduct of a balance sheet audit pursuant to subsection (a) of this section, whichever last occurs, and which precede the fiscal year commencing October 1, 1979. (c) Upon the selection by the commission of each qualified person to conduct an audit pursuant to this section, the chairman of the commission shall enter into a negotiated fixed price contract with that person for that purpose. Each such audit shall be carried out in accordance with generally accepted auditing standards and the financial statements shall be prepared in accordance with generally accepted accounting principles. The results of each such audit shall be subAudit results, submittal to mitted to the Congress, the President of the United States, the Council Congress, of the District of Columbia, the Mayor of the District of Columbia, President, and the Comptroller General. Council of the (d) Such contractor shall have full access to such books, individuals, District of Columbia, Mayor, accounts, financial records, reports, files, tax returns, and other papers, and Comptroller things, or property of the government of the District of Columbia as General. such contractor deems necessary to complete each such audit required by such contract. Fiscal year audit. SEC. 4. (a) For the fiscal year beginning October 1, 1979, and each D.C. Code fiscal year thereafter, the government of the District of Columbia shall 47-120-2. conduct, out of funds of the government of the District of Columbia, an audit of the financial operations of such government. Each such audit shall be conducted by a certified public accountant licensed in the District of Columbia and carried out in accordance with generally acccepted auditing standards and the financial statements shall be prepared in accordance with generally accepted accounting principles.

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