636
Annual audit.
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gress
77 Stat. 46$. Repeals.
PUBLIC LAW 88-504-AUG. 30, 1964
[78 STAT.
(45) United States Blind Veterans of World W a r I. (46) United States Olympic Association. (47) Veterans of Foreign Wars of the United States. (48) Veterans of World W a r I of the United States of America. gj,Q 2. The accounts of private corporations established under Federal law shall be audited annually in accordance with generally accepted auditing standards by independent 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 corporations are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the corporations and necessary to facilitate the audits shall be made available to the person or persons conducting the audits; and full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians shall be afforded to such person or persons. SEC. 3. The report of each such mdependent audit shall be submitted to the Congress not later than six months following the close of the fiscal year for which the audit was made. The report shall set forth the scope of the audit and include such statements as are necessary to present fairly the corporation'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 corporation's income and expenses during the year including the results of any trading, manufacturing, publishing, or other commercial-type endeavor carried on by the corporation, together with the independent auditor's opinion of those statements. The report shall not be printed as a public document, except as part of proceedings authorized to be printed under the Act of March 2, 1931, chapter 378, section 1, as amended. SEC. 4. The following provisions of law are hereby repealed: (1) The words "including a full, complete, and itemized report of receipts and expenditures, of whatever kind" contained in section 8 of the Act of June 15, 1916 (39 Stat. 229; 36 U.S.C. 2 8); (2) The words "including a full, complete, and itemized report of receipts and expenditures of whatever kind" contained in section 7 of the Act of March 16, 1950 (64 Stat. 24, as amended; 36 U.S.C. 3 7); (3) The words "including a full and complete report of its receipts and expenditures" contained in section 9 of the Act of September 16, 1919 (41 Stat. 285; 36 U.S.C. 4 9); (4) The words "including a full and complete report of its receipts and expenditures" contained in section 8 of the Act of July 5, 1935 (49 Stat. 459); (5) The words "including the full and complete statement of its receipts and expenditures contained in section 4 of the Act of August 4, 1937 (50 Stat. 559; 36 U.S.C. 5 8); (6) The words "including the full and complete statement of its receipts and expenditures" contained in section 5 of the Act of March 3, 1923 (42 Stat. 1441; 36 U.S.C. 6 5); (7) Section 14 of Public Law 86-47 (73 Stat. 79; 36 U.S.C. 78m); (8) The words "including a full and complete report of its receipts and expenditures" contained in section 9 of the Act of June 17, 1932 (47 Stat. 321, as amended; 36 U.S.C. 90i); (9) The words "including a full and complete report of its receipts and expenditures" contained in section 11 of the Act of February 24, 1925 (43 Stat. 968; 36 U.S.C. 101);
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