Summary

Establishes independent inspector general oversight and annual external audit requirements for the Neighborhood Reinvestment Corporation. It authorizes appropriations for the corporation’s Office of Inspector General and requires separate, external financial audits by independent certified public accountants following generally accepted auditing standards, while prohibiting the transfer of program-operating responsibilities to the OIG. The change clarifies oversight roles, requires an external audit distinct from OIG work, and authorizes funding to support the corporation’s Inspector General but does not itself appropriate funds.

Key Points

• Authorizes funding for an Office of Inspector General for the Neighborhood Reinvestment Corporation.
• Prohibits transferring the corporation’s program operating responsibilities to the OIG.
• Requires annual external audits of the corporation’s accounts by independent CPAs.
• External audits must follow generally accepted auditing standards and be performed by accountants licensed in the audit jurisdiction.
• External audits must be distinct from audit work performed by the corporation’s OIG.
• Does not itself appropriate funds; authorizes "such sums as may be necessary" for the OIG.
• Amends existing statutory law to add OIG authorization and audit requirements.
• Intended to increase financial oversight, transparency, and separation of duties within the corporation.

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