Page:United States Statutes at Large Volume 96 Part 1.djvu/1085

 PUBLIC LAW 97-258—SEPT. 13, 1982

96 STAT. 1043

§ 9104. Congressional action on budgets of wholly owned Government corporations (a) Congress shall— (1) consider budget programs for wholly owned Government corporations the President submits; (2) make necessary appropriations authorized by law; (3) make corporate financial resources available for operating and administrative expenses; and (4) provide for repaying capital and the payment of dividends. (b) This section does not— (1) prevent a wholly owned Government corporation from carrying out or financing its activities as authorized under another law; (2) affect section 26 of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831y); or (3) affect the authority of a wholly owned Government corporation to make a commitment without fiscal year limitation. §9105. Audits (a)(1) Under regulations of the Comptroller General, the Comptroller General shall audit financial transactions of— (A) wholly owned Government corporations; and (B) mixed-ownership Government corporations during periods in which capital of the United States Government is invested in a mixed-ownership Government corporation. (2) The Comptroller General shall audit each Government corporation at least once every 3 years. The Comptroller General shall audit the Federal Savings and Loan Insurance Corporation and Federal home loan banks on a calendar year basis. (b) In conducting an audit under subsection (a) of this section, the Comptroller General— (1) to the greatest extent the Comptroller General considers practicable, shall use reports of examinations of a Government corporation that a supervising administrative agency makes; and (2) without regard to section 3709 of the Revised Statutes (41 Contract U.S.C. 5), may make a contract for professional services with a authority, firm or organization for a temporary period or special purpose. (c) An audit under subsection (a) of this section shall be conducted consistent with principles and procedures applicable to commercial corporate transactions where the accounts of a Government corporation usually are kept. A Government corporation shall— (1) make available to the Comptroller General for audit all records and property of, or used by, the corporation that are necessary for the audit; and (2) provide the Comptroller General with facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, or custodians. (d) Regulations prescribed under subsection (a) of this section may provide that any part of an account of an accountable official about a financial transaction of a wholly owned Government corporation sent to the Comptroller General for settlement may be kept at the office of the corporation and that the Comptroller General may settle any part of the account on the basis of an examination during an audit. This subsection does not affect the authority of the Tennes-

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