PUBLIC LAW 94-484—OCT. 12, 1976
90 STAT. 2249
a RECORDS AND AUDITS
"SEC. 705. (a) Each entity which receives a grant, loan, loan guaran- 42 USC 292e. tee, or interest subsidy or which enters into a contract with the Secretary under this title, shall establish and maintain such records as the Secretary shall by regulation or order require. Such records shall include, among other things, records which completely disclose the amount and disposition of the total amount of funds received by such entity, the total cost of any project or undertaking for which funds were received, and the total amount of that portion of the total cost of any project or undertaking received by or allocated to such entity from other sources, and such other records as will facilitate an audit conducted in accordance with generally accepted auditing standards. " (b) Each entity which received a grant or entered into a contract under this title shall have an annual financial audit of any books, accounts, financial records, files, and other papers and property which relate to the disposition or use of any funds received under such grant or contract and such other funds received by or allocated to any project or undertaking for which any funds received under this Act were used, and any other funds received under this Act. Each such entity shall be responsible for providing and paying for such audit. For purposes of assuring accurate, current, and complete disclosure of the disposition or use of the funds received, each such audit shall be conducted by and certified to be accurate by an independent certified public accountant utilizing generally accepted auditing standards. A report of each such audit shall be filed with the Secretary at such time and in such manner as he may require. " (c) The Secretary may specify, by regulation, the form and man- Regulation, ner in which such records, required by subsection (a), shall be established and maintained. "(d) A student recipient of a scholarship, traineeship, loan, or loan guarantee under this title shall not be required to establish or maintain the records required under subsection (a) or provide for an audit required under subsection (b). "(e)(1) Each entity which is required to establish and maintain records or to provide for an audit under this section shall make such books, documents, papers, and records available to the Secretary or the Comptroller General of the United States, or any of their duly authorized representatives, for examination, copying, or mechanical reproduction on or off the premises of such entity upon a reasonable request therefor. "(2) The Secretary and the Comptroller General of the United States, or any of their duly authorized representatives, shall have the authority to carry out the purposes of this subsection. CONTRACTS
"SEC. 706. Contracts authorized by this title may be entered into 42 USC 292f. without regard to sections 3648 and 3709 of the Revised Statutes (31 U.S.C. 529,41 U.S.C. 5).". DELEGATION OF AUTHORITY
SEC. 205. Part A of title VII is amended by adding after section 706 (added by section 204) the following new section:
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