59 STAT.] 79TH OONG., IST SESS.-CH. 557-DEC. 6 , 1945 be construed as preventing wholly owned Government corporations from carrying out and financing their activities as authorized by exist- ing law, nor shall any provisions of this section be construed as affect- ing in any way the provisions of section 26 of the Tennessee Valley Authority Act, as amended. The provisions of this section shall not be construed as affecting the existing authority of any wholly owned Government corporation to make contracts or other commitments without reference to fiscal-year limitations. SEC. 105. The financial transactions of wholly owned Government corporations shall be audited by the General Accounting Office in accordance with the principles and procedures applicable to com- mercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States: Provided, That such rules and regulations may provide for the reten- tion at the offices of such corporations, in whole or in part, of any accounts of accountable officers, covering corporate financial transac- tions, which are required by existing law to be settled and adjusted in the General Accounting Office, and for the settlement and adjust- ment of such accounts in whole or in part upon the basis of examina- tions in the course of the audit herein provided, but nothing in this proviso shall be construed as affecting the powers reserved to the Tennessee Valley Authority in the Act of November 21, 1941 (55 Stat. 775). The audit shall be conducted at the place or places where the accounts of the respective corporations are normally kept. The representatives of the General Accounting Office shall have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the respective corpora- tions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securi- ties held by depositaries, fiscal agents, and custodians. The audit shall begin with the first fiscal year commencing after the enactment of this Act. SEC. 106. A report of each such audit for each fiscal year ending on June 30 shall be made by the Comptroller General to the Congress not later than January 15 following the close of the fiscal year for which such audit is made. The report shall set forth the scope of the audit and shall include a statement (showing intercorporate rela- tions) of assets and liabilities, capital and surplus or deficit; a state- ment of surplus or deficit analysis; a statement of income and expense; a statement of sources and application of funds; and such comments and information as may be deemed necessary to keep Con. gress informed of the operations and financial condition of the sev- eral corporations, together with such recommendations with respect thereto as the Comptroller General may deem advisable, including a report of any impairment of capital noted in the audit and recom- mendations for the return of such Government capital or the pay- ment of such dividends as, in his judgment, should be accomplished. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President, to the Secretary of the Treasury, and to the corporation concerned at the time submitted to the Congress. SEC. 107. Whenever it is deemed by the Director of the Bureau of the Budget, with the approval of the President, to be practicable and in the public interest that any wholly owned Government corporation be treated with respect to its appropriations, expenditures, receipts, accounting, and other fiscal matters as if it were a Government 599 TVA. 48 Stat. 71. 16U.S.C.i831y. Audit of financial transactions. Accounts of ac- countable officers. TVA. 16U.S.0., npp. IV, 831h. Audit report by Comptroller General. Scope. Beaommendatloen Unautborized fin.. eial transactions Remmmedatim by Director of BWueau the Budget
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