12 2 STA T .3785PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 (C)REIMBURS EME NTOFC OSTS .—The T r e asu r y sha l l re imb urse t he Gov er n ment Ac countability Of fice for the full cost of any such oversi g ht activities as bille d therefor by the Com p troller General of the U nited S tates. Such reimbursements shall be credited to the appropriation account ‘ ‘Salaries and Ex penses , Government Account - ability Office ’ ’ current w hen the payment is received and remain available until expended. ( 3 )RE P ORTIN G .—The Comptroller General shall submit reports of findings under this section, regularly and no less fre q uently than once every 60 days, to the appropriate commit- tees of Congress, and the Special I nspector General for the Troubled Asset Relief P rogram established under this Act on the activities and performance of the TARP. The Comptroller may also submit special reports under this subsection as war- ranted by the findings of its oversight activities. (b) COMPTRO L LER GENER A LAU D ITS.— ( 1 ) ANNUAL AUDIT.—The TARP shall annually prepare and issue to the appropriate committees of Congress and the public audited financial statements prepared in accordance with gen- erally accepted accounting principles, and the Comptroller Gen- eral shall annually audit such statements in accordance with generally accepted auditing standards. The Treasury shall reimburse the Government Accountability Office for the full cost of any such audit as billed therefor by the Comptroller General. Such reimbursements shall be credited to the appro- priation account ‘‘Salaries and Expenses, Government Account- ability Office’’ current when the payment is received and remain available until expended. The financial statements prepared under this paragraph shall be on the fiscal year basis prescribed under section 110 2 of title 31, United States Code. (2) AUT H ORIT Y .—The Comptroller General may audit the programs, activities, receipts, expenditures, and financial trans- actions of the TARP and any agents and representatives of the TARP (as related to the agent or representative’s activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this Act. (3) CORRECTI V E RESPONSES TO AUDIT PROBLEMS.—The TARP shall— (A) ta k e action to address deficiencies identified by the Comptroller General or other auditor engaged by the TARP
or ( B ) certify to appropriate committees of Congress that no action is necessary or appropriate. (c) INTERNAL CONTROL.— (1) ESTABLISHMENT.—The TARP shall establish and main- tain an effective system of internal control, consistent with the standards prescribed under section 3 5 12(c) of title 31, United States Code, that provides reasonable assurance of— (A) the effectiveness and efficiency of operations, including the use of the resources of the TARP; (B) the reliability of financial reporting, including financial statements and other reports for internal and external use; and (C) compliance with applicable laws and regulations. (2) REPORTING.—In con j unction with each annual financial statement issued under this section, the TARP shall— Certif i ca ti on.Publ ic infor m ation.
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