O:kiYOkiYO08C04.xml 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 55 (C) INTERNAL CONTROL. (1) ESTABLISHMENT.--The TARP shall estab- lish and maintain an effective system of internal control, consistent with the standards prescribed under section 3512(c) of title 31, United States Code, that provides reasonable assurance of (A) the effectiveness and efficiency of oper- ations, including the use of the resources of the TARP; (B) the reliability of financial reporting, in- eluding financial statements and other reports for internal and external use; and (C) compliance with applicable laws and regulations. (2) REPORT?NG.--In conjunction with each an- nual financial statement issued under this section, the TARP shall- (A) state the responsibility of management for establishing and maintaining adequate in- ternal control over financial reporting; and (B) state its assessment, as of the end of the most recent year covered by such financial statement of the TARP, of the effectiveness of the internal control over financial reporting.
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