---identifier: "/us/cfr/t13/s120.490"source: "ecfr"legal_status: "authoritative_unofficial"title: "13 CFR § 120.490 - Audits."title_number: 13title_name: "Business Credit and Assistance"section_number: "120.490"section_name: "Audits."chapter_name: "SMALL BUSINESS ADMINISTRATION"part_number: "120"part_name: "BUSINESS LOANS"positive_law: falsecurrency: "2026-04-05"last_updated: "2026-04-05"format_version: "1.1.0"generator: "[email protected]"authority: "15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182."regulatory_source: "61 FR 3235, Jan. 31, 1996, unless otherwise noted."cfr_part: "120"---
Identifier
/us/cfr/t13/s120.490
Currency
2026-04-05
Positive Law
No
Updated
2026-04-05
Chapter
Small Business Administration
Authority
15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 1... 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182.
# 120.490 Audits.Every SBLC is subject to periodic audits by SBA's Office of Inspector General, Auditing Division, and the cost of such audits will be assessed against the SBLC, except for the first audit. Fees are structured based on the SBLC's assets as of the date of the latest audited financial statement submitted to SBA before the audit. The fee schedule is set forth in SBA's Standard Operating Procedures manual.[61 FR 3235, Jan. 31, 1996. Redesignated at 73 FR 75516, Dec. 11, 2008]