NeighborWorks Accountability Act
A BILL
To establish an Inspector General of the Neighborhood Reinvestment Corporation, and for other purposes.
Sec. 2 Authorization of Inspector General of the Neighborhood Reinvestment Corporation
In general— Section 415(a)(1)(A) of title 5, United States Code, is amended by inserting “the Neighborhood Reinvestment Corporation,” after “the Postal Regulatory Commission,”.
Duties and audits— The Neighborhood Reinvestment Corporation Act (42 U.S.C. 8101 et seq.) is amended—
in section 606 (42 U.S.C. 8105), by adding at the end the following:
“(e)
“(1) There is authorized to be appropriated to the Office of Inspector General of the corporation established under section 415 of title 5, United States Code, such sums as may be necessary to carry out this Act.
“(2) There shall not be transferred to the Office of Inspector General of the corporation any program operating responsibilities of the corporation, including the organizational assessments work and grantee oversight function of the corporation.”
Independent audit— Section 607 of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8106) is amended by striking subsection (b) and inserting the following:
“(b)
“(1) The accounts of the corporation shall be audited annually by an independent external auditor.
“(2) Notwithstanding any other audit work performed by the Office of Inspector General of the corporation, the audits required under paragraph (1) shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.”