,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hbda  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #ad1        
#bjbj,mrs4 ,lawr5ce 7= h]self & ,mr4    
,hice ( ,georgia7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to      
elim9ate or modify c]ta9 m&ates ( !     
,gov]nm5t ,acc\ntability ,(fice4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,,gao ,m&ates ,revision ,act4  #b4      
,audits modifi$  7a7 ,tr\bl$ asset      
relief program  7#a7 ,9 g5]al ,section  
#aaf ( ! ,em]g5cy ,economic             
,/abilization ,act ( #bjjh 7#ab         
,u4,s4,c4 #ebbf7 is am5d$ by /rik+      
subsection 7b7 & ins]t+ ! foll[+3  7b7  
,audits  7#a7 ,annual audit ,! ,,t>p    
%all annually prep>e & issue to !       
appropriate committees ( ,congress & !  
public audit$ f9ancial /atem5ts t %all  
be-- 7,a7 prep>$ 9 accordance ) g5]ally 
accept$ acc\nt+ pr9ciples2  7,b7 prep>$ 
& audit$ 9 ! same mann] z ! f9ancial    
/atem5ts ( cov]$ executive ag5cies "u   

section #ceae ( title #ca1 ,unit$ ,/ate 
,code1 & executive ag5cy compon5ts "u   
section #ceba ( su* ,code2 &  7,c7      
prep>$ on ! fiscal ye> basis prescrib$  
"u section #aajb ( title #ca ( su*      
,code4  7#b7 ,audit co/s  7,a7 ,9 g5]al 
,! ,secret>y %all transf] to !          
,inspector ,g5]al ( ! ,dep>tm5t ( !     
,treasury su* sums z are necess>y to    
reimburse ! ,inspector ,g5]al = ! full  
co/ ( p]=m+ an audit requir$ "u p>agraph
 7#a7 or procur+ ! audit f an indep5d5t 
ext]nal auditor4  7,b7 ,cr$it ,!        
reimbursem5ts describ$ 9 subp>agraph    
7,a7 %all be cr$it$ to ! appropriation  
acc\nt ,sal>ies & ,exp5ses1 ,(fice ( !  
,inspector ,g5]al1 ,dep>tm5t ( !        
,treasury curr5t :5 ! paym5t is receiv$ 
& rema9 available until exp5d$4  7#c7   
,corrective responses to audit problems 
,! ,,t>p %all-- 7,a7 take action to     
address defici5cies id5tifi$ by !       
auditor ( ! ,,t>p f9ancial /atem5ts2 or 
7,b7 c]tify to ! appropriate committees 
( ,congress t no action is necess>y or  

appropriate4  4  7#b7 ,application ,!   
am5dm5t made by p>agraph 7#a7 %all apply
 to any audit p]=m$ "u section #aaf7;b7 
( ! ,em]g5cy ,economic ,/abilization    
,act ( #bjjh 7#ab ,u4,s4,c4 #ebbf7;b771 
z am5d$ by p>agraph 7#a71 ) respect to a
 fiscal ye> beg9n+ on or aft] ,octob]   
#a1 #bjbj4  7b7 ,bureau ( ,consum]      
,f9ancial ,protection  7#a7 ,9 g5]al    
,section #ajag7;a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edig7;a77 is am5d$ by /rik+  
p>agraph 7#e7 & ins]t+ ! foll[+3  7#e7  
,audit ( ! ,bureau ,! ,bureau %all      
prep>e & submit to ! ,congress & !      
,director ( ! ,(fice ( ,managem5t &     
,budget an audit$ f9ancial /atem5t = ea*
 fiscal ye>1 cov]+ all acc\nts &        
associat$ activities ( ea* (fice1       
bureau1 & activity ( ! ,bureau4 ,!      
audit$ f9ancial /atem5t %all include !  
balance %eet1 ! /atem5t ( net co/1 !    
/atem5t ( *anges 9 net position1 !      
/atem5t ( budget>y res\rces1 & su*      
comm5ts & in=mation z may be det]m9$    

necess>y to in=m ,congress ( ! f9ancial 
op]ations & condition ( ! ,bureau4 ,!   
,(fice ( ,inspector ,g5]al ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,bureau ( ,consum] ,f9ancial ,protection
 %all provide = an audit ( ! f9ancial   
/atem5ts ( ! ,bureau on an annual basis 
by an indep5d5t ext]nal auditor 9       
accordance ) ! ,unit$ ,/ates g5]ally    
accept$ gov]nm5t audit+ /&>ds z may be  
prescrib$ by ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates4  4  7#b7 ,repeal (       
previ\s requirem5t ,section #ajaf;,a ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #edif;a7 is        
repeal$4  7#c7 ,application ,! am5dm5ts 
made by p>agraphs 7#a7 & 7#b7 %all apply
 to any audit p]=m$ "u section #ajag ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #edig7 or section  
#ajaf;,a ( ! ,consum] ,f9ancial         
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif;a71 z am5d$ by p>agraphs 7#a7 &   
7#b71 ) respect to a fiscal ye> beg9n+  
on or aft] ,octob] #a1 #bjbj  7c7 ,f$]al

 h\s+ f9ance ag5cy  7#a7 ,9 g5]al       
,section #acaf ( ! ,f$]al ,h\s+         
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#deaf7 is am5d$-- 7,a7 9 subsection     
7g77#d71 by /rik+ ,comptroll] ,g5]al ( !
 ,unit$ ,/ates & ins]t+ auditor ( !     
f9ancial /atem5ts ( ! ,ag5cy2 &  7,b7 by
 /rik+ subsection 7h7 & ins]t+ ! foll[+3
  7h7 ,audit ( ag5cy ,! ,ag5cy %all     
prep>e & submit to ! ,congress & !      
,director ( ! ,(fice ( ,managem5t &     
,budget an audit$ f9ancial /atem5t = ea*
 fiscal ye>1 cov]+ all acc\nts &        
associat$ activities ( ea* (fice1       
bureau1 & activity ( ! ,ag5cy4 ,! audit$
 f9ancial /atem5t %all include !        
consolidat$ balance %eet1 ! consolidat$ 
/atem5t ( net co/1 ! consolidat$ /atem5t
 ( *anges 9 net position1 ! comb9$      
/atem5t ( budget>y res\rces1 & su*      
comm5ts & in=mation z may be deem$      
necess>y to in=m ,congress ( ! f9ancial 
op]ations & condition ( ! ,ag5cy4 ,!    
,ag5cy %all provide = an audit ( !      

f9ancial /atem5ts ( ! ,ag5cy on an      
annual basis by an indep5d5t ext]nal    
auditor 9 accordance ) ! ,unit$ ,/ates  
g5]ally accept$ gov]nm5t audit+ /&>ds z 
may be prescrib$ by ! ,comptroll] ,g5]al
 ( ! ,unit$ ,/ates4  4  7#b7            
,application ,! am5dm5ts made by        
p>agraph 7#a7 %all apply to any audit   
p]=m$ "u section #acaf ( ! ,f$]al ,h\s+ 
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#deaf7 ) respect to a fiscal ye> beg9n+ 
on or aft] ,octob] #a1 #bjbj4  7d7      
,f$]al ,civil ,p5alties ,inflation      
,adju/m5t ,act ,! ,f$]al ,civil         
,p5alties ,inflation ,adju/m5t ,act (   
#aiij 7#bh ,u4,s4,c4 #bdfa note71 is    
am5d$ 9 section #g by /rik+ subsection  
7c74