,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hbda ,,in ,,the ,,house ,,of ,,representatives ,september #ad1 #bjbj,mrs4 ,lawrence 7for herself and ,mr4 ,hice of ,georgia7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to eliminate or modify certain mandates of the ,government ,accountability ,office4 #a4 ,short title ,this ,act may be cited as the ,,gao ,mandates ,revision ,act4 #b4 ,audits modified 7a7 ,troubled asset relief program 7#a7 ,in general ,section #aaf of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebbf7 is amended by striking subsection 7b7 and inserting the following3 7b7 ,audits 7#a7 ,annual audit ,the ,,tarp shall annually prepare and issue to the appropriate committees of ,congress and the public audited financial statements that shall be-- 7,a7 prepared in accordance with generally accepted accounting principles2 7,b7 prepared and audited in the same manner as the financial statements of covered executive agencies under section #ceae of title #ca1 ,united ,state ,code1 and executive agency components under section #ceba of such ,code2 and 7,c7 prepared on the fiscal year basis prescribed under section #aajb of title #ca of such ,code4 7#b7 ,audit costs 7,a7 ,in general ,the ,secretary shall transfer to the ,inspector ,general of the ,department of the ,treasury such sums as are necessary to reimburse the ,inspector ,general for the full cost of performing an audit required under paragraph 7#a7 or procuring the audit from an independent external auditor4 7,b7 ,credit ,the reimbursements described in subparagraph 7,a7 shall be credited to the appropriation account ,salaries and ,expenses1 ,office of the ,inspector ,general1 ,department of the ,treasury current when the payment is received and remain available until expended4 7#c7 ,corrective responses to audit problems ,the ,,tarp shall-- 7,a7 take action to address deficiencies identified by the auditor of the ,,tarp financial statements2 or 7,b7 certify to the appropriate committees of ,congress that no action is necessary or appropriate4 4 7#b7 ,application ,the amendment made by paragraph 7#a7 shall apply to any audit performed under section #aaf7;b7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebbf7;b771 as amended by paragraph 7#a71 with respect to a fiscal year beginning on or after ,october #a1 #bjbj4 7b7 ,bureau of ,consumer ,financial ,protection 7#a7 ,in general ,section #ajag7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edig7;a77 is amended by striking paragraph 7#e7 and inserting the following3 7#e7 ,audit of the ,bureau ,the ,bureau shall prepare and submit to the ,congress and the ,director of the ,office of ,management and ,budget an audited financial statement for each fiscal year1 covering all accounts and associated activities of each office1 bureau1 and activity of the ,bureau4 ,the audited financial statement shall include the balance sheet1 the statement of net cost1 the statement of changes in net position1 the statement of budgetary resources1 and such comments and information as may be determined necessary to inform ,congress of the financial operations and condition of the ,bureau4 ,the ,office of ,inspector ,general of the ,board of ,governors of the ,federal ,reserve ,system and the ,bureau of ,consumer ,financial ,protection shall provide for an audit of the financial statements of the ,bureau on an annual basis by an independent external auditor in accordance with the ,united ,states generally accepted government auditing standards as may be prescribed by the ,comptroller ,general of the ,united ,states4 4 7#b7 ,repeal of previous requirement ,section #ajaf;,a of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif;a7 is repealed4 7#c7 ,application ,the amendments made by paragraphs 7#a7 and 7#b7 shall apply to any audit performed under section #ajag of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edig7 or section #ajaf;,a of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif;a71 as amended by paragraphs 7#a7 and 7#b71 with respect to a fiscal year beginning on or after ,october #a1 #bjbj 7c7 ,federal housing finance agency 7#a7 ,in general ,section #acaf of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deaf7 is amended-- 7,a7 in subsection 7g77#d71 by striking ,comptroller ,general of the ,united ,states and inserting auditor of the financial statements of the ,agency2 and 7,b7 by striking subsection 7h7 and inserting the following3 7h7 ,audit of agency ,the ,agency shall prepare and submit to the ,congress and the ,director of the ,office of ,management and ,budget an audited financial statement for each fiscal year1 covering all accounts and associated activities of each office1 bureau1 and activity of the ,agency4 ,the audited financial statement shall include the consolidated balance sheet1 the consolidated statement of net cost1 the consolidated statement of changes in net position1 the combined statement of budgetary resources1 and such comments and information as may be deemed necessary to inform ,congress of the financial operations and condition of the ,agency4 ,the ,agency shall provide for an audit of the financial statements of the ,agency on an annual basis by an independent external auditor in accordance with the ,united ,states generally accepted government auditing standards as may be prescribed by the ,comptroller ,general of the ,united ,states4 4 7#b7 ,application ,the amendments made by paragraph 7#a7 shall apply to any audit performed under section #acaf of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deaf7 with respect to a fiscal year beginning on or after ,october #a1 #bjbj4 7d7 ,federal ,civil ,penalties ,inflation ,adjustment ,act ,the ,federal ,civil ,penalties ,inflation ,adjustment ,act of #aiij 7#bh ,u4,s4,c4 #bdfa note71 is amended in section #g by striking subsection 7c74