CONGRESSIONAL BILL NO. 18-145, C.D.1 P.C. NO. 18-254 PUBLIC LAW NO. 18-52 1 the Authority to retain such excess in anticipation of 2 future expenditure.” 3 Section 24. Title 21 of the Code of the Federated States of 4 Micronesia, as amended, is hereby further amended by adding a new 5 section 320 under chapter 3, to read as follows: 6 7 “Section 320. Efficiency audit. (1) The President may at any time direct the Public 8 Auditor to undertake an efficiency audit of the 9 Authority. 10 (2) On being directed to undertake an efficiency 11 audit, the Public Auditor shall within three months: 12 (a) Review the Authority’s annual budget for the 13 current fiscal year and the Authority’s forecasts for 14 the following two fiscal years; 15 (b) Assess whether the budget and forecasts are 16 reasonable having regard to the Authority’s functions 17 under this Act; and 18 (c) Provide a report to the Authority and the 19 President outlining these findings and, if practicable, 20 recommend changes to the Authority’s budget and 21 forecasts. 22 (3) The Public Auditor may delegate its responsibility 23 to undertake the efficiency audit to a suitably 24 qualified auditing firm. 25 (4) The Authority shall fully cooperate in the conduct 29 of 119