SEC-283 -- ANNUAL AUDITS AND ACCOUNTABILITY.


 (a) Independent Audits.-The Secretary, except as provided in paragraph
(b)(1), shall contract annually with an independent accounting firm to
provide for a full financial audit of the records of the HOME Investment
Partnerships program for each fiscal year. Funds available for
departmental administration may be used to provide for such audits. Each
audit shall be performed as soon as practicable after the close of the
fiscal year and in accordance with generally accepted Government
auditing standards approved by the Comptroller General of the United
States (hereinafter referred to as the "Comptroller General"), and
shall be consistent with the requirements of sections 9105 and 9106 of
title 31, United States Code. The Secretary shall promptly submit the
report of the independent accounting firm to the Congress, consistent
with the requirements of section 9106 of title 31, United States Code,
and such report shall be published. The requirement for an audit under
this section shall be in lieu of the requirement for an audit by the
Comptroller General under section 9105(a) of title 31, United States
Code.

 (b) Audits by the Comptroller General.-

 (1) Audits of the home investment partnerships program.-The Comptroller
General, when the Comptroller General deems it to be appropriate or when
requested by the Committee on Banking, Housing, and Urban Affairs of the
Senate or the Committee on Banking, Finance and Urban Affairs of the
House of Representatives, shall conduct a full financial audit of the
records of the HOME Investment Partnerships program for any fiscal year.
The initiation of an audit for a fiscal year under the previous sentence
shall obviate the requirement for an audit by an independent accounting
firm under paragraph (a) for that fiscal year. The report of the
Comptroller General shall be submitted promptly to the Secretary and the
Congress and shall be published.

 (2) Audits of recipients.-The financial transactions of participating
jurisdictions and of other recipients of funds provided under this title
may, insofar as they relate to funds provided under this title, be
audited by the General Accounting Office under such rules and
regulations as may be prescribed by the Comptroller General of the
United States. The representatives of the General Accounting Office
shall have access to all books, accounts, records, reports, files, and
other papers, things, or property belonging to or in use by such
recipients pertaining to such financial transactions and necessary to
facilitate the audit.