12 U.S.C. § 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 FSLIC Resolution Fund. (1) The Corporation must each year submit a complete report of its operations, activities, budget, receipts, and spending for the previous 12 months. For each fund, it must analyze (A) current financial condition; (B) purpose, effect, and estimated cost of each resolution action for an insured depository institution during the prior year; (C) how much actual assistance costs exceeded estimates reported in an earlier year; (D) the Deposit Insurance Fund’s exposure to economic changes most likely to affect it; (E) current resources estimated to be needed to fulfill this chapter’s purposes; and (F) findings, conclusions, and recommendations for future legislative or administrative resolution actions. (2) The report goes to the Senate President and House Speaker, who must arrange for printing for Congress, and to the President, as soon as practicable after January 1 each year. (3) It must include the report required by section 57a(f)(7) of title 15.
(b) Quarterly Treasury reports. (1) Before each fiscal quarter, the Corporation must give the Treasury Secretary its financial operating plans and forecasts. (2) As soon as practicable after each quarter, it must give the Secretary its financial-condition report at quarter-end and results of operations during the quarter. (3) These documents must include estimates required under section 1825(b) of the Corporation’s liabilities and obligations. (4) Providing them does not imply that the Corporation must obtain the Secretary’s approval or consent.
(c) OMB reports. (1) The Corporation must continue giving the OMB Director^* financial information consistent with what it gave that Director immediately before the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 took effect. (2) It must also give copies of its ordinary-course financial plans and forecasts and quarterly financial-condition and operating-results reports. (3) This does not imply a duty to consult the Director or obtain consent or approval, or give the Director jurisdiction or oversight over Corporation affairs or operations.
(d) Audit. (1) The Comptroller General must annually audit the Corporation’s financial transactions and the Deposit Insurance Fund and FSLIC Resolution Fund under generally accepted government auditing standards. (2) The Corporation, the funds, and any independent certified public accountant auditing a fund’s financial statements must make available all books, records, accounts, reports, files, and property belonging to or used by them.
(e) Corporation audit. GAO must audit the Corporation’s financial transactions under principles and procedures for commercial corporate transactions and rules issued by the Comptroller General. The audit occurs where the Corporation normally keeps its accounts. GAO representatives must have access to all materials and property concerning transactions needed for the audit and full facilities to verify transactions against balances or securities held by depositaries, fiscal agents, and custodians. The Corporation keeps custody of those materials. The audit covers transactions on and after August 31, 1948, and the Corporation must be audited at least once every 3 years.
(f) Audit report. For each audit under subsection (b), the Comptroller General must report to Congress within 6½ months after the last audited year ends. The report must state^* the audit’s scope and include assets and liabilities and surplus or deficit; surplus-or-deficit analysis; income and expenses; sources and uses of funds; comments and information needed about the Corporation’s financial operations and condition; and recommended actions. It must specifically identify any program, spending, transaction, or undertaking the Comptroller General believes lacked legal authority. Copies go at submission to the President, Treasury Secretary, and Corporation.
(g) Audit help and costs. For this audit, the Comptroller General may, at discretion and with the Corporation’s agreement, contract without regard to section 6101 of title 41 with certified-public-accounting firms or organizations for temporary or special work. The Corporation must reimburse GAO for the billed audit cost, and GAO must deposit the reimbursement in the Treasury as miscellaneous receipts.