NeighborWorks Accountability Act

Summary

Authorizes an Inspector General for the Neighborhood Reinvestment Corporation, sets funding authorization for that Inspector General's office, and requires annual external audits performed by independent certified public accountants under generally accepted auditing standards. The bill also forbids shifting the Corporation's program operating responsibilities (such as organizational assessments and grantee oversight) to the Inspector General's office, preserving a separation between program management and independent oversight.

• Creates an authorized Inspector General position for the Neighborhood Reinvestment Corporation.
• Authorizes appropriations "such sums as may be necessary" to fund the Corporation's OIG.
• Requires annual external audits by independent CPAs using generally accepted auditing standards.
• Prohibits transferring program operating responsibilities (like grantee oversight) to the OIG.
• Preserves the OIG's oversight and investigative roles while requiring independent external financial audits.
• Imposes recurring audit and contracting responsibilities on the Corporation, with likely modest increased costs.
• Aims to strengthen audit independence and reduce conflicts of interest between program management and oversight.