Reports and audits

Not later than 90 days after the selection of the first class of fellows under this subchapter, and annually thereafter for 7 years, the Department of State shall offer to brief the appropriate committees of Congress regarding the following issues: The financial records of any implementing partner shall be audited annually in accordance with generally accepted government auditing standards by independent certified public accountants or independent licensed public accountants who are certified or licensed by a regulatory authority of a State or another political subdivision of the United States. Each audit under paragraph (1) shall be conducted at the place or places where the financial records of the implementing partner are normally kept. The implementing partner shall make available to the accountants conducting an audit under paragraph (1)— Not later than 270 days after the end of each fiscal year, the implementing partner shall provide a report of the audit conducted for such fiscal year under paragraph (1) to the Department of State and the American Institute in Taiwan. Each audit report shall— include a schedule of— Each audit report shall be produced in sufficient copies for distribution to the public.