,,ii  #aaith ,,congress  #ast ,session  
,s4 #bdhd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bh1     
#bjbe ,mr4 ,hagerty introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to establish an ,inspector     
,general of the ,neighborhood           
,reinvestment ,corporation1 and for     
other purposes4  #a4  ,short title      
,this ,act may be cited as the          
,neighbor,works ,accountability ,act4   
#b4  ,authorization of ,inspector       
,general of the ,neighborhood           
,reinvestment ,corporation  7a7  ,in    
general  ,section #dae7;a77#a77;,a7 of  
title #e1 ,united ,states ,code1 is     
amended by inserting the ,neighborhood  
,reinvestment ,corporation1 after the   
,postal ,regulatory ,commission14  7b7  
,duties and audits  ,the ,neighborhood  
,reinvestment ,corporation ,act 7#db    
,u4,s4,c4 #haja et seq47 is amended--   
7#a7 in section #fjf 7#db ,u4,s4,c4     

#haje71 by adding at the end the        
following3  7e7  7#a7 ,there is         
authorized to be appropriated to the    
,office of ,inspector ,general of the   
corporation established under section   
#dae of title #e1 ,united ,states ,code1
 such sums as may be necessary to carry 
out this ,act4  7#b7 ,there shall not be
 transferred to the ,office of          
,inspector ,general of the corporation  
any program operating responsibilities  
of the corporation1 including the       
organizational assessments work and     
grantee oversight function of the       
corporation4  4  7c7  ,independent audit
  ,section #fjg of the ,neighborhood    
,reinvestment ,corporation ,act 7#db    
,u4,s4,c4 #hajf7 is amended by striking 
subsection 7b7 and inserting following3 
7b7  7#a7 ,the accounts of the          
corporation shall be audited annually by
 an independent external auditor4  7#b7 
,notwithstanding any other audit work   
performed by the ,office of ,inspector  
,general of the corporation1 the audits 

required under paragraph 7#a7 shall be  
conducted in accordance with generally  
accepted auditing standards by          
independent certified public accountants
 who are certified by a regulatory      
authority of the jurisdiction in which  
the audit is undertaken4  4