Annual audit and comptroller review

(a) Annual independent audit (1) In general Not later than 1 year after the date of enactment of this Act, and annually thereafter, an independent qualified public accountant selected by the Board shall audit the financial statements of the Reserve, the results of which shall be made publicly available. (2) Requirements An independent qualified public accountant selected under paragraph (1) shall be— (A) certified and licensed by a State board of accountancy; (B) independent of the Reserve and each authorized intermediary within the meaning of section 210.2–01 of title 17, Code of Federal Regulations (or a successor regulation); and (C) registered with the Public Company Accounting and Oversight Board. (b) Review The Comptroller General of the United States shall conduct a biennial review of the Reserve, to include— (1) reviewing the most recent annual report submitted pursuant to section 403(a); (2) the operations and functions of the Reserve as managed by the Board; and (3) the performance of the Board in fulfilling the purposes of the Reserve.