scope of report; payment of auditing expenses. (a) The financial transactions of all Government corporations shall be audited by the General Accounting Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts of the respective corporations are normally kept. The representatives of the General Accounting Office shall have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the respective corporations and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. The audit shall begin with the current fiscal year. (b) A report of each such audit for each fiscal year ending on June 30 shall be made by the Comptroller General to the Congress not later than January 15 following the close of the fiscal year for which such audit is made. The report shall set forth the scope of the audit of each corporation and shall include a statement (showing intercorporate relations) of assets and liabilities, capital and surplus, or deficit; a statement of surplus or deficit analysis; a statement of income and expense; and such comments and information as may be deemed necessary to keep Congress informed of the operations and financial condition of the several corporations together with such recommendations with respect thereto as the Comptroller General may deem advisable, including a report of any impairment of capital noted in the audit and recommendations for the return of such Government capital or the payment of such dividends as, in his judgment, should be accomplished. The report shall also show specifically every program, expenditure, or other financial transaction or undertaking, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President and to the corporation concerned at the time submitted to the Congress. (c) The expenses of auditing the financial transactions of all Government corporations as provided in subsection (a) of this section may be paid out of appropriations to the General Accounting Office and appropriations in such sums as may be necessary are hereby authorized for the purpose: Provided, That by agreement between the General Accounting Office and said corporation the expenses of said audit may be paid from funds of such corporation. (Feb. 24, 1945, ch. 4, § 5, 59 Stat. 6.) CROSS REFERENCES Audit of financial transactions of all Government corporations is now covered by section 866 of Title 31, Money and Finance. § 1805. Employment of auditing personnel; payment of auditing expenses; reimbursement of General Accounting Office; limitation on private audits. For the purpose of conducting the audit of all Government corporations as provided by section 1804 of this title, the Comptroller General is authorized in his discretion to employ not more than ten persons without regard to sections 661-663, 664-673 and 674 of Title 5, only one of whom may be compensated at a rate of as much as but not more than $10,000 per annum, and to employ by contract, without regard to section 5 of Title 41, professional services of firms and organizations for temporary periods or for special purposes: Provided, That the expenses of auditing the financial transactions of all Government corporations by the General Accounting Office shall be borne out of appropriations to the General Accounting Office, and appropriations in such sums as may be necessary are hereby authorized: Provided further, That each such corporation shall reimburse the General Accounting Office for the full cost of any such audit as billed therefor by the Comptroller General, and the General Accounting Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts: Provided further, That, unless otherwise expressly provided by law, no funds of any Government corporation shall be used to pay the cost of any private audit of the financial records of the offices of such corporation except the cost of such audits contracted for and undertaken prior to April 25, 1945. (Apr. 25, 1945, ch. 95, title I, 59 Stat. 81.) CROSS REFERENCES Audit of financial transactions of all Government corporations is now covered by section 866 of title 31, Money and Finance. Sec. 605k-1. 713. 713a. TITLE 15-COMMERCE AND TRADE Repealed. Reconstruction Finance Corporation Commodity Credit Corporation; continuance of existence; functions, 713a-1. Same; annual appraisal of assets; restoration of capital impairment. 713a-2. Same; capital excess; deposit in Treasury for public debt retirement. 713a-3. Same; transfer to United States of stock held by Secretary of Agriculture; Governor of Farm Credit Administration and Reconstruction Finance Corporation. 713a-4. Same; obligations of corporation; issuance; sale; purchase; redemption. 713a-5-713a-9. Same; transfer of functions. 713c 713c-1 Federal Surplus Commodities Corporation; continuance of existence; RECONSTRUCTION FINANCE CORPORATION § 605k-1. Repealed. June 30, 1945, ch. 215, § 1, 59 Stat. 310. Section amended by act June 10, 1941, ch. 190, § 1, 55 Stat. 248. Section 3 of act June 30, 1945, ch. 215, 59 Stat. 310, provided that the act should become effective on July 1, 1945. § 713. Commodity Credit Corporation; continuance of existence, functions, and ownership of stock by United States; audit of transactions; payment of audit expenses; place of audit.-(a) Notwithstanding any other provision of law, Commodity Credit Corporation, a corporation organized under the laws of the State of Delaware as an agency of the United States pursuant to the Executive order of the President of October 16, 1933, shall continue, until the close of business on June 30, 1947, or such earlier date as may be fixed by the President by Executive order, to be an agency of the United States. During the continuance of such agency, the Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to continue, for the use and benefit of the United States, the present investment in the capital stock of Commodity Credit Corporation, and the corporation is hereby authorized to use all its assets, including capital and net earnings therefrom, and all moneys which have been or may hereafter be allocated to or borrowed by it, in the exercise of its functions as such agency, including the making of loans on agricultural commodities: Provided, however, That the Corporation shall at all times maintain complete and accurate books of account and shall determine the procedures to be followed in the transaction of the corporate business. (b) The financial transactions of the Corporation beginning with the period from July 1, 1944, shall be audited by the General Accounting Office in accordance with the principles applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States: Provided, That the Corporation shall continue to have the authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers: Provided further, That a report of such audit shall be made to the Congress, together with such recommendations as the Comptroller General may deem advisable, and that each such report shall cover a period of one fiscal year: Provided further, That a copy of each such report shall be furnished the Secretary of the Treasury and that the findings contained therein shall be considered by the Secretary in appraising the assets and liabilities and determining the net worth of the Corporation under sections 713a-1 and 713a-2 of this title: Provided, however, That nothing in this section shall be construed as modifying legislation authorizing the use of funds of the Corporation for administrative expenses and requiring accountability therefor. (c) The expenses of the audit as provided in this section may be paid up to and including June 30, 1946, from moneys advanced therefor by the Corporation, or from any appropriation or appropriations for the General Accounting Office, and appropriations so used shall be reimbursed promptly by the Corporation as billed by the Comptroller General: Provided, That any such advances or reimbursements shall be considered as nonadministrative expenses of the Corporation. For the purpose of such audit the representatives of the General Accounting Office shall have access to all papers, books, files, accounts, financial records, warehouses, and all other things, property, and places belonging to or under the control of or used or employed by the Corporation and shall be afforded full facilities for verifying transactions with the balances in depositaries and with fiscal agents: Provided further, That the certified financial reports and schedules of the fiscal agents of the Corporation based on commercial audits in the usual course of business may be accepted by the General Accounting Office in its audit of the financial transactions of the Corporation as final and not subject to further audit verification. (d) Any examination of the corporate records shall be made at the place or places where such records are normally kept in the transaction of the corporate business, and the Corporation shall retain custody of contracts, vouchers, schedules, or other financial or accounting documents, either original or duplicate, relating to its nonadministrative transactions. (Jan. 31, 1935, ch. 2, § 7, 49 Stat. 4, as amended Jan. 26, 1937, ch. 6, § 2 (a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1 (a), 53 Stat. 510; July 1, 1941, ch. 270, § 1, 55 Stat. 498; July 16, 1943, ch. 241, § 1, 57 Stat. 566, eff. June 30, 1943; Dec. 23, 1943, ch. 383, 57 Stat. 643; Feb. 28, 1944, ch. 71, §§ 1, 3, 58 Stat. 105, 106, eff. Feb. 17, 1944; Apr. 12, 1945, ch. 54, § 5, 59 Stat. 51.) Subsec. (a) amended by act Apr. 12, 1945, cited to text, which substituted "June 30, 1947" for "June 30, 1945". Act July 16, 1943, cited to text, substituted "December 31, 1943", for "June 30, 1943." Act Feb. 28, 1944, §§ 1, 3, cited to text, amended section, by substituting "June 30, 1945," for "February 17, 1944," and by making the first par. subsec. (a), striking period at the end and inserting colon in lieu thereof, inserting proviso, and adding subsecs. (b), (c), and (d). Act Dec. 23, 1943, cited to text, substituted "February 17, 1944" for "December 31, 1943". Commodity Credit Corporation and its functions and activities, together with its personnel, records, and property were transferred to Department of Agriculture by Reorg. Plan No. I, § 401, effective July 1, 1939, set out in note under section 133t of Title 5, Executive Departments and Government Officers and Employees. The Commodity Credit Corporation was consolidated with other agencies into the Administration of Food Production and Distribution within Department of Agriculture by Ex. Ord. No. 9322, March 26, 1943, set out in note under section 601 of appendix to Title 50, War. Appropriation of funds for administrative expenses of corporation during fiscal year 1938 was made in act June 28, 1937, eh. 396, 50 Stat. 347. Effective date.-Amendment of first sentence of section by section 1 of act Feb. 28, 1944, cited to text, was made effective as of Feb. 17, 1944. Further amendment of section by section 3 of act Feb. 28, 1944, cited to text, effective Feb. 28, 1944. Subsidy payments unaffected by 50 ch. 671, § 6, 60 Stat. 671, provided: "(a) The last paragraph of section 2 (e) of the Emergency Price Control Act of 1942, as amended by the Stabilization Extension Act of 1944 [section 902 (e) of appendix to title 50], shall not apply with respect to operations for the fiscal year ending June 30, 1947, of the Commodity Credit Corporation and the Reconstruction Finance Corporation: Provided, That with respect to such corporations and such operations, the making of subsidy payments and buying for resale at a loss shall be limited as follows: U. S. C. § 902(e).—Act July 25, 1946, "Payments and purchases may be made with respect to operations for the fiscal year ending June 30, 1947, which involve subsidies and anticipated losses as follows: "(1) With respect to rubber produced in Latin America and Africa for which commitments were made before January 1, 1946, $31,000,000. "(2) With respect to copper, lead, and zinc, in the form of premium price payments, $100,000,000: Provided, That (A) premiums shall be paid on ores mined or removed from mine dumps or tailing piles before July 1, 1947, though shipped and/or processed and marketed subsequently thereto; and that (B) the premium price plan for copper, lead, and zinc shall be extended until June 30, 1947, on terms not less favorable to the producer than heretofore and (i) adjustments shall be made to encourage exploration and development work, (ii) adequate allowances shall be made for depreciation and depletion, and (iii) all classes of premiums shall be noncancelable unless necessary in order to make individual adjustments of income to specific mines. "(3) With repect to purchases by the Reconstruction Finance Corporation, of such tin ores and concentrates as it deems necessary to insure continued operation of the Texas City tin smelter. "(4) With respect to noncrop programs, 1946 crop program operations and the 1947 crop program operations relating to sugar, flour, petroleum, petroleum products, and other domestic and imported materials and commodities, $869,000,000: Provided, That the operations authorized under this subparagraph (4) shall be progressively reduced, shall be terminated not later than April 1, 1947, and shall not cost more than $629,000,000 during the last six months of the calendar year 1946. Operations shall not be carried out under authority of this subparagraph (4) with respect to any commodity for any period occurring after the date of the enactment of this act [July 25, 1946] during which maximum prices on such commodity are not in effect under the Emergency Price Control Act of 1942, as amended [sections 901-922, 923-946 of appendix to title 50], or the Stabilization Act of 1942, as amended [sections 961-971 of appendix to title 50]: Provided, That subsidies with respect to petroleum produced from stripper wells shall be continued at not to exceed the existing rates. No subsidy or purchase and sale operation shall be undertaken under authority of this subparagraph (4) with respect to any commodity unless a subsidy or purchase and sale operation with respect to such commodity was in effect on June 29, 1946; and no such operation shall be undertaken under authority of this subparagraph (4) which will increase the rate of subsidy paid or the rate of loss incurred with respect to any commodity above that which would be paid or incurred if the operations in effect on June 29, 1946, had been continued on the same basis. "(b) When any direct or indirect subsidy to an industry is reduced or terminated, or upon recontrol is not restored or is restored only in part, any maxi'mum price applicable to the product affected shall be correspondingly increased, except in the case of transportation subsidies, differential subsidies to high-cost producers, and premium payments under authority of the Veterans' Emergency -Housing Act of 1946 [sections 1821-1833 of Appendix to title 50 and sections 1738, -1739 1743 of title 12]. |