12 U.S.C. § 5226 — Oversight and audits

(a) Comptroller General oversight. (1) After TARP^* is established, the Comptroller General must begin ongoing oversight of TARP, its agents and representatives acting for or under TARP authority, and Secretary^*-created vehicles. Oversight covers TARP's performance in meeting this chapter's purposes, especially foreclosure mitigation, cost reduction, financial-market and banking-system stability, taxpayer protection, and public accountability; TARP and its agents' financial condition and internal controls; transaction and commitment characteristics, including type, frequency, size, prices, terms, timing, duration, and future purchase commitments; acquired assets and their disposition, including type, acquisition price, current market value, sale terms and prices, and use of sale proceeds; efficiency in using appropriations; compliance with law; conflict-of-interest prevention, identification, and reduction; and the effectiveness of section 5217(b) contracting, including efforts to evaluate proposals and contract as much as possible with minority, women, and minority- or women-owned businesses and report fees and other value delivered to all agents and representatives and to those firms. (2) Administration. “Governmental unit” has the meaning in title 11 section 101(27) and excludes an insured depository institution as defined in section 1813. The Secretary must provide the Comptroller General suitable Treasury space and facilities until the termination date in section 5230. On request, the Comptroller General may access at any time information, data, schedules, books, accounts, records, reports, files, electronic communications, other papers, things, or property used by TARP, Secretary-created entities, entities created by a Federal Reserve bank that receive TARP funds, or non-governmental-unit program participants, and may access their officers, employees, directors, accountants, advisers, agents, and representatives. The Comptroller General must have facilities to verify transactions against balances or securities held by depositories, fiscal agents, custodians, and others, and may copy and retain appropriate records. Each agreement between TARP or the Secretary and a non-governmental-unit participant must provide this access. The Comptroller General may not publicly disclose proprietary or trade-secret information, but this does not limit disclosure to congressional committees or members with jurisdiction, and does not change other legal prohibitions, including title 18 section 1905 and title 31 section 714(c). Treasury must reimburse GAO's full oversight cost; the reimbursement is credited to the current “Salaries and Expenses, Government Accountability Office” account and remains available until spent. (3) Reporting. The Comptroller General must annually report findings to appropriate congressional committees and the Special Inspector General and may issue special reports when warranted. (b) Audits. (1) TARP must annually prepare and publicly issue GAAP-audited financial statements to appropriate committees and the public, and the Comptroller General must audit them under generally accepted auditing standards. Treasury reimburses the full audit cost in the same account. Statements use the fiscal-year basis in title 31 section 1102. (2) The Comptroller General may audit TARP programs, activities, receipts, expenditures, transactions, and related agents, representatives, and Secretary-created vehicles. (3) TARP must correct deficiencies identified by the Comptroller General or another TARP auditor, or certify to appropriate congressional committees that no action is necessary or appropriate. (c) Internal control. (1) TARP must establish and maintain effective internal control consistent with title 31 section 3512(c), reasonably assuring effective and efficient operations and resource use, reliable financial reporting, and compliance with law. (2) With each annual statement, TARP must state^* management's responsibility for adequate financial-reporting controls and assess their effectiveness at the end of the covered year. (d) Sharing. Reports and audits required here must also go to the Congressional Oversight Panel under section 5233. (e) Termination. Oversight, reporting, and audit requirements end on the later of the date the last troubled asset acquired under section 5211 has left Federal ownership or control, or the date the Special Inspector General's office terminates under section 5231(k).