[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1773.21]

[Page 986]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1773--POLICY ON AUDITS OF RUS BORROWERS--Table of Contents
 
    Subpart C--RUS Requirements for the Submission and Review of the 
  Auditor's Report, Report on Compliance and on Internal Control Over 
               Financial Reporting, and Management Letter
 
Sec. 1773.21  Borrower's review and submission of the auditor's report, report on compliance and on internal control over financial reporting, and management 
          letter.

    (a) The borrower's board of directors should note and record receipt 
of the auditor's report, report on compliance and on internal control 
over financial reporting, and management letter and any action taken in 
response to the reports or management letter in the minutes of the board 
meeting at which such reports and management letter are presented.
    (b) The borrower must furnish RUS with three copies of the auditor's 
report, report on compliance and on internal control over financial 
reporting, and management letter within 120 days of the as of audit 
date. Any provision in RUS's security instrument that requires such 
documents to be furnished to RUS in a shorter period of time may be 
disregarded.
    (c) The borrower must furnish RUS with three copies of its plan for 
corrective action, if any, within 180 days of the as of audit date.
    (d) The borrower must furnish RUS, within 120 days of the as of 
audit date, with a copy of each special report, summary of 
recommendations or similar communications, if any, received from the CPA 
as a result of the audit.
    (e) All required submissions to RUS described in paragraphs (a) 
through (d) of this section should be sent to: Assistant Administrator, 
Program Accounting and Regulatory Analysis, Stop 1523, 1400 Independence 
Ave., SW, Washington, DC 20250-1523.

[56 FR 63360, Dec. 3, 1991, as amended at 59 FR 659, Jan. 6, 1994; 66 FR 
27835, 27836, May 21, 2001]