49 U.S.C. § 47121 — Records and audits

(a) Records — A sponsor must keep the records the Secretary requires. The Secretary may require records that (1) disclose (A) how much grant money the sponsor received and how it was used, (B) the total cost of the plan or program the grant funded, and (C) the amounts and kinds of costs paid by other sources; and (2) that make it easier to carry out an audit.

(b) Audits and Examinations — The Secretary and the Comptroller General may audit and examine a sponsor's records related to a grant made under this subchapter.

(c) Authority of Comptroller General — If an independent audit covers a sponsor's accounts related to how it used the grant money, or the plan or program the grant funded, the sponsor must submit a certified copy of the audit to the Secretary within 6 months after the end of the fiscal year the audit covered. The Comptroller General may report to Congress on the results of each audit it conducted or reviewed under this section during the prior fiscal year.

(d) Audit Requirement — The Secretary may require a sponsor to conduct an appropriate audit as a condition of receiving a grant under this subchapter.

(e) Annual Review — The Secretary must review the recordkeeping and reporting requirements under this subchapter every year to make sure they ask for no more than the minimum necessary.

(f) Withholding Information From Congress — Nothing in this section allows the Secretary or the Comptroller General to withhold information from a congressional committee that is authorized to receive it.