§ 1827.
Reports by Corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits
(a)
Annual reports on the Deposit Insurance Fund and the FSLIC Resolution Fund
(1)
In general
The Corporation shall annually submit a full report of its operations, activities, budget, receipts, and expenditures for the preceding 12-month period. The report shall include, with respect to the Deposit Insurance Fund and the FSLIC Resolution Fund, an analysis by the Corporation of—
(A)
the current financial condition of each such fund;
(B)
the purpose, effect, and estimated cost of each resolution action taken for an insured depository institution during the preceding year;
(C)
the extent to which the actual costs of assistance provided to, or for the benefit of, an insured depository institution during the preceding year exceeded the estimated costs of such assistance reported in a previous year under paragraph (A);
(D)
the exposure of the Deposit Insurance Fund to changes in those economic factors most likely to affect the condition of that fund;
(E)
a current estimate of the resources needed for the Deposit Insurance Fund or the FSLIC Resolution Fund to achieve the purposes of this chapter; and
(F)
any findings, conclusions, and recommendations for legislative and administrative actions considered appropriate to future resolution activities by the Corporation.
(2)
Manner of submission
Such report shall be submitted to the President of the Senate and the Speaker of the House of Representatives, who shall cause the same to be printed for the information of Congress, and the President as soon as practicable after the first day of January each year.
(3)
Coordination with other report requirements
The report required under this subsection shall include the report required under section 57a(f)(7)
1
See References in Text note below.
of title 15.
(e)
Audit of Corporation
The financial transactions of the Corporation shall be audited by the Government Accountability Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Government Accountability Office shall have access to all books, accounts, records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. All such books, accounts, records, reports, files, papers, and property of the Corporation shall remain in possession and custody of the Corporation. The audit shall begin with financial transactions occurring on and after August 31, 1948. The Corporation shall be audited at least once in every three years.
([Sept. 21, 1950, ch. 967, § 2][17], [64 Stat. 890]; [Pub. L. 93–604, title VI, § 602], Jan. 2, 1975, [88 Stat. 1963]; [Pub. L. 101–73, title II, § 220(a)], Aug. 9, 1989, [103 Stat. 263]; [Pub. L. 102–242, title IV, § 427], Dec. 19, 1991, [105 Stat. 2378]; [Pub. L. 104–208, div. A, title II, § 2704(d)(14)(S)], (T), Sept. 30, 1996, [110 Stat. 3009–493], 3009–494; [Pub. L. 106–569, title XI], §§ 1103(a), 1104(b), Dec. 27, 2000, [114 Stat. 3030], 3032; [Pub. L. 108–271, § 8(b)], July 7, 2004, [118 Stat. 814]; [Pub. L. 109–171, title II, § 2102(b)], Feb. 8, 2006, [120 Stat. 9]; [Pub. L. 109–173, § 8(a)(26)], (27), Feb. 15, 2006, [119 Stat. 3614], 3615.)