Washington: Under the new provisions of section 203(b)(5)(E)(vii) added by the EB-5 Reform and Integrity Act of 2022 (RIA) to the Immigration and Nationality Act, USCIS said April 9 that it will now need to audit each designated regional center at least once every five years.
This audit will include a review of any documentation required to be maintained by the regional center and a review of the flow of immigrant investor capital into any capital investment project. Regional center audits enhance the integrity of the EB-5 program by helping us verify information in regional center applications and annual certifications as well as associated investor petitions.
USCIS will complete the audit report using the data available and indicate that we canceled the site visit at the request of the regional center. Except when a regional center does not consent to an audit or deliberately attempts to impede an audit, there are generally no direct adverse consequences to an EB-5 associated entity or petitioner solely because of the negative audit result. However, we may use our findings to evaluate a regional center’s continuing eligibility to remain designated as well as compliance of associated applications, petitions, or other filings with applicable requirements.
Starting April 23, USCIS will generally use Generally Accepted Government Auditing Standards, also known as the Yellow Book, when we audit EB-5 regional centers.
The Yellow Book provides standards and guidance for auditors and audit organizations.
Generally using GAGAS standards does not remove the officer’s discretion in considering the results of the audit in connection with making adjudicatory decisions, nor does it create any substantive or procedural right or benefit that is legally enforceable by any party against the United States or its agencies or officers or any other person.
