Page:United States Statutes at Large Volume 97.djvu/1073

 PUBLIC LAW 98-164—NOV. 22, 1983 97 STAT. 1041 Stock or dividends. Audits. not receive any compensation or travel expenses in connection with services performed for the Endowment. (d)(l) The Endowment shall not issue any shares of stock or declare or pay any dividends. (2) No part of the assets of the Endowment shall inure to the benefit of any member of the Board, any officer or employee of the Endowment, or any other individual, except as salary or reasonable compensation for services. (e)(1) The accounts of the Endowment shall be audited annually in accordance with generally accepted auditing standards by independ- ent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The audits shall be conducted at the place or places where the accounts of the Endowment are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in usc by the Endowment and necessary to facilitate the audits shall be made available to the person or persons conduct- ing the audits; and full facilities for verifying transactions with any assets held by depositories, fiscal sigents, and custodians shall be afforded to such person or persons. (2) The report of each such independent audit shall be included in Report. the annual report required by subsection (h). The audit report shall set forth the scope of the audit and include such statements as are necessary to present fairly the Endowment's assets and liabilities, surplus or deficit, with an analysis of the changes therein during the year, supplemented in reasonable detail by a statement of the Endowment's income and expenses during the year, and a statement of the application of funds, together with the independent auditor's opinion of those statements. (f)(1) The financial transactions of the Endowment for each fiscal GAO audit, year may be audited by the General Accounting Office in accordance with such principles and procedures and under such rules and regulations as may be prescribed by the Comptroller General of the United States. Any such audit shall be conducted at the place or places where accounts of the Endowment are normally kept. The representatives of the General Accounting Office shall have access to all books, accounts, records, reports, files, and all other papers, things, or property belonging to or in usc by the Endowment per- taining to its financial transactions and necessary to facilitate the audit; and they shall be afforded full facilities for verifying transac- tions with any assets held by depositories, fiscal agents, and custo- dians. All such books, accounts, records, reports, files, papers, and property of the Endowment shall remain in the possession and custody of the Endowment. (2) A report of each such audit shall be made by the Comptroller General to the Congress. The report to the Congress shall contain such comments and information as the Comptroller General may deem necessary to inform the Congress of the financial operations and condition of the Endowment, together with such recommenda- tions with respect thereto as he may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made contrary to the requirements of this title. A copy of each report shall be furnished to the President and to the Endowment at the time submitted to the Congress. Report to Congress. Report to President.

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