Summary

Authorizes and funds an independent Office of Inspector General (OIG) for the Neighborhood Reinvestment Corporation and requires annual independent external audits of the corporation's accounts by certified public accountants following generally accepted auditing standards. It also bars assigning the corporation’s program operating responsibilities to the new OIG, preserving the OIG’s oversight role separate from program management.

Key Points

• Creates an official Office of Inspector General for the Neighborhood Reinvestment Corporation under the Inspector General statute.
• Authorizes appropriations “such sums as may be necessary” to fund that OIG, without specifying exact dollar amounts.
• Prohibits shifting the corporation’s program operating responsibilities to the OIG, maintaining a separation between oversight and operations.
• Mandates annual external audits of the corporation’s accounts by independent certified public accountants following GAAS.
• Requires external auditors to be certified by the regulatory authority where the audit occurs.
• The external audit requirement applies regardless of any audit activities performed by the OIG.
• Does not itself appropriate funds; it only authorizes funding for the OIG.
• Aims to increase financial accountability and transparency for the corporation and its grantees.
• Imposes specific audit and oversight structures but does not create programmatic or service changes for beneficiaries.

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