Audit Responsibility of the Government of the Federated States of Micronesia Sample Clauses

Audit Responsibility of the Government of the Federated States of Micronesia. (a) A financial and compliance audit, within the meaning of the Single Audit Act of 1984 (31 U.S.C. 75), of the uses of the funding provided pursuant to the Compact, as amended, by the Government of the Federated States of Micrones ia, shall be performed for each Fiscal Year during which Title Two of the Compact, as amended, is in effect. The results of these Audits shall be available not later than the beginning of the third fiscal quarter following the end of the Fiscal Year under review. (b) For purposes of these Audits, the laws and regulations of the United States shall apply which are relevant to the Original Compact and Compact, as amended, related agreements, and such other instruments as may be made expressly applicable pursuant to mutual agreement by the Government of the United States and the Government of the Federated States of Micronesia. In general, the applicable laws and regulations are those promulgated under the authority, and at the discretion, of the Government of the Federated States of Micronesia and which relate in a material, substantial or direct way to that Government's financial statements and operations. (c) The authority of the Government of the United States set forth in section 232 of the Compact, as amended, and this Article shall continue for at least three years after the last Grant or element of assistance by the Government of the United States has been provided and expended.
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Related to Audit Responsibility of the Government of the Federated States of Micronesia

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