31 CFR 34.205 – Council’s audited financial statements and audits
(a) Not later than December 1, 2014, and each year thereafter, the Council must prepare and submit to the Secretary of the Treasury an audited financial statement for the preceding Federal fiscal year, covering all accounts and associated activities of the Council.
Terms Used In 31 CFR 34.205
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) Each audited financial statement under this section must reflect:
(1) The overall financial position of the accounts and activities covered by the statement, including assets and liabilities thereof.
(2) Results of operations of the Council.
(c) The financial statements must be prepared in accordance with the form and content of the financial statements prescribed by the Director of the Office of Management and Budget for executive agencies pursuant to 31 U.S.C. § 3515, consistent with applicable accounting and financial reporting principles, standards, and requirements.
(d) The Treasury Inspector General may conduct audits and reviews of the Council’s accounts and activities as the Inspector General deems appropriate.