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[Senate Report 106-337]
[From the U.S. Government Publishing Office]

106th Congress 
 2d Session                      SENATE                          Report
                                                                106-337
_______________________________________________________________________

                                                       Calendar No. 672

 
                   REPORTS CONSOLIDATION ACT OF 2000

                               __________

                              R E P O R T

                                 of the

                   COMMITTEE ON GOVERNMENTAL AFFAIRS

                          UNITED STATES SENATE

                              to accompany

                                S. 2712

 TO AMEND CHAPTER 35 OF TITLE 31, UNITED STATES CODE, TO AUTHORIZE THE 
 CONSOLIDATION OF CERTAIN FINANCIAL AND PERFORMANCE MANAGEMENT REPORTS 
          REQUIRED OF FEDERAL AGENCIES, AND FOR OTHER PURPOSES

                 July 11, 2000.--Ordered to be printed

                                 ______

                     U.S. GOVERNMENT PRINTING OFFICE
79-010                       WASHINGTON : 2000

                   COMMITTEE ON GOVERNMENTAL AFFAIRS

                   FRED THOMPSON, Tennessee, Chairman
WILLIAM V. ROTH, Jr., Delaware       JOSEPH I. LIEBERMAN, Connecticut
TED STEVENS, Alaska                  CARL LEVIN, Michigan
SUSAN M. COLLINS, Maine              DANIEL K. AKAKA, Hawaii
GEORGE VOINOVICH, Ohio               RICHARD J. DURBIN, Illinois
PETE V. DOMENICI, New Mexico         ROBERT G. TORRICELLI, New Jersey
THAD COCHRAN, Mississippi            MAX CLELAND, Georgia
ARLEN SPECTER, Pennsylvania          JOHN EDWARDS, North Carolina
JUDD GREGG, New Hampshire
             Hannah S. Sistare, Staff Director and Counsel
                        Robert J. Shea, Counsel
                         Henry R. Wray, Counsel
      Joyce A. Rechtschaffen, Minority Staff Director and Counsel
                   Susan E. Propper, Minority Counsel
                     Darla D. Cassell, Chief Clerk

                                                       Calendar No. 672
106th Congress                                                   Report
                                 SENATE
 2d Session                                                     106-337

======================================================================

                   REPORTS CONSOLIDATION ACT OF 2000

                                _______
                                

                 July 11, 2000.--Ordered to be printed

                                _______
                                

Mr. Thompson, from the Committee on Governmental Affairs, submitted the 
                               following

                              R E P O R T

                         [To accompany S. 2712]

    The Committee on Governmental Affairs, to which was 
referred the bill (S. 2712) to amend chapter 35 of title 31, 
United States Code, to authorize the consolidation of certain 
financial and performance management reports required of 
Federal agencies, and for other purposes, having considered the 
same, reports favorably thereon without amendment and 
recommends that the bill do pass.

                                CONTENTS

                                                                   Page
  I. Purpose and Summary..............................................1
 II. Background.......................................................2
III. Discussion.......................................................2
 IV. Legislative History..............................................4
  V. Section-by-Section Analysis......................................5
 VI. Estimated Cost of Legislation....................................6
VII. Regulatory Impact................................................7
VIII.Changes to Existing Law..........................................7

                         I. Purpose and Summary

    S. 2712, the ``Reports Consolidation Act of 2000,'' 
authorizes Federal agencies to consolidate into one annual 
report several different financial and performance management 
reports now required by law. The consolidated reports would 
present in one document a comprehensive and integrated picture 
of each agency's performance. As such, they would be more 
useful to Congress, the Executive Branch, and the public. The 
Office of Management and Budget (OMB) had temporary authority 
to consolidate reports on a pilot basis, but that authority 
expired in April of this year. S. 2712 restores the 
consolidation authority and makes it permanent. The bill also 
contains several enhancements designed to make the reports more 
useful.

                             II. Background

    Government agencies currently are required to submit 
financial or performance management reports under a number of 
laws, including the Federal Managers' Financial Integrity Act, 
31 U.S.C. Sec. 3512(d)(3), the Chief Financial Officers Act 
(CFO Act), 31 U.S.C. Sec. 902(a)(6), the Government Management 
Reform Act, 31 U.S.C. Sec. Sec. 3515, 3521(f), and the 
Government Performance and Results Act (GPRA), 31 U.S.C. 
Sec. 1116. These requirements sometimes ask for similar 
information in different formats, causing duplication of effort 
on the part of agencies. They also provide information in a 
scattershot way that is not fully useful to the agency in 
question, the Congress, or the public.
    Pursuant to authority provided in the Government Management 
Reform Act, 31 U.S.C. Sec. 501 note, OMB instituted a pilot 
project in Fiscal Year (FY) 1995 to produce a single annual 
consolidated agency report linking together information 
contained in separate reports submitted under the laws listed 
above. These consolidated reports typically were referred to as 
``Accountability Reports.'' They were intended to provide 
consolidated analyses of both financial and performance 
management data in an easily understandable and useful format. 
The pilot project initially involved six agencies, but added 
many more agencies in subsequent years. The authority for the 
pilots was originally scheduled to expire at the end of 
December 1999. However, it was extended through April 2000 in 
order to permit agencies to submit consolidated reports 
covering their activities for FY 1999.

                            III. Discussion

    As previously noted, S. 2712 provides permanent and 
enhanced authority for the consolidation of financial and 
performance management reports. Enactment of S. 2712 this year 
would permit agencies to submit consolidated reports for their 
FY 2000 activities. This bipartisan bill was sponsored jointly 
by Chairman Thompson and the Committee's Ranking Member, 
Senator Lieberman. It has the support of OMB and the CFO Act 
agencies. The principal features of the bill are described 
below.
    The bill authorizes agencies, with the concurrence of OMB, 
to consolidate a number of financial and performance management 
reports they now submit to the Congress, the President, or OMB 
under specified provisions of law. The most significant of 
these reports are GPRA Annual Program Performance Reports and 
annual reports on the agency's financial statements under the 
CFO Act. The bill also authorizes agencies to include other 
statutorily required reports on financial or performance 
management if the agency head determines that their inclusion 
would enhance the usefulness of the information reported and 
consults in advance with relevant Congressional committees. 
Agencies could adjust the due dates of the reports in order to 
facilitate their consolidation. The consolidated report would 
be submitted annually to the President, the Director of OMB, 
and appropriate committees and subcommittees of the Congress.
    Effective for FY 2002, the deadline for submission of the 
consolidated report would be 150 days after the end of the 
agency's fiscal year. This equates to March 1 for the vast 
majority of federal agencies, which operate on the standard 
October 1 through September 30 federal fiscal year cycle. 
However, for those entities that are permitted by law to use 
the calendar year as their fiscal year, the deadline would be 
June 1. The bill also amends GPRA to impose a 150-day deadline 
for submission of annual Performance Reports even if they are 
not included in the consolidated report. The current deadline 
for Performance Reports is March 31. This amendment likewise is 
effective for FY 2002.
    The purpose of the timing changes is to make GPRA 
Performance Reports more useful for the budget cycle. The 
Committee agreed to postpone the mandate for March 1 submission 
until FY 2002 in order to ease potential transition problems. 
Specifically, OMB expressed concern that, in some cases, an 
immediate transition to March 1 could unduly burden agencies 
that rely on States and other third parties who provide 
performance data for the agency reports or, alternatively, 
might result in less complete reports. While the Committee 
appreciates these concerns, integration of the Performance 
Reports with annual budget decisions is a key objective of GPRA 
that should be accomplished as soon as possible. Therefore, the 
Committee encourages agencies to submit their FY 2000 and 2001 
Performance Reports by March 1 or even earlier unless they face 
specific transition problems such as those cited by OMB. In 
this regard, the Committee notes that many agencies were able 
to submit their FY 1999 Performance Reports on or before March 
1 of this year.\1\
---------------------------------------------------------------------------
    \1\ Some of the agencies that reported by March 1 of this year were 
the Social Security Administration and the Departments of Defense, 
Education, Health and Human Services, and Interior.
---------------------------------------------------------------------------
    If a consolidated report includes the agency's GPRA 
Performance Report, it must be called a ``Performance and 
Accountability Report.'' This is important to ensure 
transparency. Several agencies incorporated their FY 1999 
Performance Reports into a document they described only as 
their ``Accountability Report.'' As a result, those interested 
in the agency's Performance Report had trouble identifying and 
locating it.
    A consolidated report that does not incorporate the 
agency's GPRA Performance Report must include a summary of the 
key aspects of the Performance Report. The Committee believes 
it is important for agencies to link financial management and 
program results information in order to provide an integrated 
and comprehensive picture of the agency's performance. 
Therefore, even if an agency chooses to consolidate only its 
financial reports into an Accountability Report, that report 
should highlight the most important results of the agency's 
program performance. The better Accountability Reports already 
do this.
    The consolidated report must include a statement by the 
agency's Inspector General (IG) that describes the agency's 
most serious management and performance challenges and assesses 
the agency's progress in addressing them. The IG must provide 
this statement to the agency head at least 30 days before the 
due date of the consolidated report. The agency head may 
comment on the IG's statement but cannot change it. In the 
Committee's view, no comprehensive report on an agency's 
performance would be complete without an independent assessment 
by the IG.
    The Committee decided that the best approach was to include 
the IG statement on the agency's most serious challenges. This, 
in effect, codifies the practice of the past three years 
whereby IGs for each cabinet department and major independent 
agency have reported to Congress on the 10 or so most serious 
problems facing their agencies. These ``top 10'' reports, as 
they have come to be called, are an invaluable source of 
information to this Committee and others in Congress. They 
provide an excellent perspective on the highest priority 
challenges facing each agency and serve as a barometer on 
progress toward resolving them. Agencies would have the 
opportunity to respond to the IG submissions with their own 
assessments. Since not all of these ``top 10'' challenges may 
be addressed in the agency's Performance Report, the inclusion 
of the IG statement and any agency comments will provide a 
fuller picture of the agency's progress in the consolidated 
report.
    The consolidated report must include a transmittal letter 
by the agency head assessing the completeness and reliability 
of performance and financial data used in the report and what 
the agency is doing to remedy any material data inadequacies. 
The bill amends GPRA to apply the same requirement to 
Performance Reports if they are not incorporated into the 
consolidated report. Reviews by agency IGs and the General 
Accounting Office (GAO) repeatedly show that most agencies have 
great difficulty producing reliable performance data. As 
Senator Lieberman recently observed of the FY 1999 GPRA 
Performance Reports, ``a major concern is the validity of the 
data some agencies are relying upon in their initial reports, 
and we need to ensure that improvements are made.'' The agency 
head assessments are a good vehicle to find out where agencies 
stand on data issues, what challenges they face in obtaining 
valid data, and to hold them accountable for needed 
improvements.
    Financial information, as well as performance information, 
must be reliable and consistently reported. Where information 
is outdated, its usefulness is limited. For instance, included 
in the financial statements for the Social Security 
Administration and the Department of Health and Human Services 
is information on the Social Security Trust Funds and Medicare 
(Part A), including dates when expenditures were projected to 
exceed contributions and dates when the funds were projected to 
be exhausted. Soon after those financial reports were issued, 
the trustees for Social Security and Medicare issued more 
current information that contained significant differences from 
the information and projections contained in the Financial 
Report. Such inconsistent reporting is confusing to the 
Congress and the public and reduces confidence in the 
credibility of the government's financial report. The Committee 
hopes that these agencies will work to ensure that they are 
using the most current information available in their financial 
statements.

                        IV. Legislative History

    S. 2712 was introduced on June 12, 2000, by Chairman 
Thompson on behalf of himself and Senator Lieberman. The 
Committee on Governmental Affairs considered the bill on June 
14, 2000, and ordered the bill reported by voice vote.

                     V. Section-by-Section Analysis

    Section 1 provides that the bill may be cited as the 
``Reports Consolidation Act of 2000.''
    Section 2(a) contains Congressional findings to the effect 
that: (1) existing law imposes numerous financial and 
performance management reporting requirements on agencies; (2) 
these separate requirements can cause duplication of effort and 
result in uncoordinated reports containing information in a 
form that is not completely useful; and (3) pilot projects 
conducted by agencies under the direction of OMB demonstrate 
that single consolidated reports providing an analysis of 
verifiable financial and performance management information 
produce more useful reports with greater efficiency.
    Section 2(b) states that the purposes of the bill are to: 
(1) authorize and encourage the consolidation of financial and 
performance management reports; (2) provide financial and 
performance management information in a more meaningful and 
useful format; (3) improve the quality of agency financial and 
performance management information; and (4) enhance 
coordination and efficiency in the reporting of financial and 
performance management information.
    Section 3(a) of the bill adds a new section 3516 to title 
31, United States Code, to provide permanent reports-
consolidation authority.
    Subsection (a)(1) of the new 3516 of title 31 provides 
that, with the concurrence of OMB, the head of an executive 
agency may adjust the frequency and due dates of, and 
consolidate into an annual report to the President, the 
Director of OMB, and the Congress any statutorily required 
reports described in subsection 3516(a)(2). The consolidated 
report shall be submitted to the President, the Director of 
OMB, and appropriate committees and subcommittees of the 
Congress not later than 150 days after the end of the agency's 
fiscal year.
    Subsection 3516(a)(2) provides that the following reports 
could be consolidated into the report referred to in subsection 
(a)(1):
          (A) Any report by an agency to the Congress, OMB, or 
        the President under section 1116 and chapters 9, 33, 
        35, 37, 75, and 91 of title 31, United States Code;
          (B) The biennial financial management improvement 
        plan by the Secretary of Defense under 10 U.S.C. 
        Sec. 2222 and the annual report of the Attorney General 
        under 28 U.S.C. Sec. 522;
          (C) Any other statutorily required report pertaining 
        to an agency's financial or performance management if 
        the head of the agency determines that its inclusion 
        would enhance the usefulness of the reported 
        information and consults in advance with the Senate 
        Committee on Governmental Affairs, the House Committee 
        on Government Reform, and any other Congressional 
        committee of jurisdiction.
    Subsection 3516(b) requires that if a consolidated report 
incorporates the agency's annual GPRA Performance Report, it 
shall be called the ``Performance and Accountability Report.''
    Under subsection 3516(c), a consolidated report that does 
not incorporate the agency's GPRA Performance Report must 
contain a summary of the most significant portions of the 
Performance Report.
    Subsection 3516(d) requires that the consolidated report 
include a summary and assessment by the agency's IG of the most 
serious management and performance challenges facing the agency 
and the agency's progress in addressing them. The IG's 
statement must be provided to the agency head at least 30 days 
prior to the due date of the report. The agency head may 
comment on the IG's statement, but may not change it.
    Subsection 3516(e) requires that the agency head include a 
transmittal letter for the consolidated report that assesses 
the completeness and reliability of the performance and 
financial data used in the report. The assessment must describe 
any material inadequacies in the completeness and reliability 
of the data and steps to resolve them.
    Subsection 3(b) of the bill contains a special rule that 
permits agencies to submit consolidated reports for FY 2000 and 
2001 not later than 180 days after the end of the agency's 
fiscal year for those two years.
    Section 4 of the bill amends section 3515 of title 31, 
United States Code, to require that annual reports on audited 
financial statements under the Chief Financial Officers Act be 
submitted to Congress at the same time they are submitted to 
OMB. This subsection also repeals several transition provisions 
of 31 U.S.C. Sec. 3515 that have now been executed. Finally, 
section 4 makes conforming changes to 31 U.S.C. Sec. 3521 to 
reflect the repeal of the transition provisions.
    Section 5(a) of the bill amends 31 U.S.C. Sec. 1116(a) to 
require that GPRA Performance Reports be submitted not later 
than 150 days after the end of an agency's fiscal year. This 
requirement would not apply to Performance Reports for FY 2000 
and 2001.
    Section 5(b) rewrites 31 U.S.C. Sec. 1116(e). It eliminates 
the current language authorizing agencies to include GPRA 
Performance Reports in their annual financial statements under 
section 3515 of title 31. This language is superfluous in view 
of the reports-consolidation authority provided elsewhere in 
the bill. Section 5(b) substitutes a new requirement that GPRA 
Performance Reports contain an assessment by the agency head of 
the completeness and reliability of the report's performance 
data, which describes any material data inadequacies and what 
is being done to resolve them. This requirement would not apply 
to Performance Reports included in consolidated reports under 
31 U.S.C. Sec. 3516 (as added by the bill). Instead, the 
parallel requirement in section 3516(e) would apply.

                   VI. Estimated Cost of Legislation

                                     U.S. Congress,
                               Congressional Budget Office,
                                     Washington, DC, June 22, 2000.
Hon. Fred Thompson,
Chairman, Committee on Governmental Affairs,
U.S. Senate, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for S. 2712, the Reports 
Consolidation Act of 2000.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is John R. 
Righter.
            Sincerely,
                                           Steven Lieberman
                                    (For Dan L. Crippen, Director).
    Enclosure.

               congressional budget office cost estimate

S. 2712--Reports Consolidation Act of 2000

    Subject to the approval of the Office of Management and 
Budget, S. 2712 would authorize agencies to consolidate certain 
financial and performance reports required by law each year 
into one annual report. Reports eligible for consolidation 
under S. 2712 would include the audited financial statements 
required under the Chief Financial Officers Act and the 
performance reports required under the Government Performance 
and Results Act. The omnibus report would be due within 180 
days of the end of the fiscal years 2000 and 2001, and within 
150 days of the end of each fiscal year thereafter.
    Because S. 2712 would neither eliminate nor modify any of 
the analytical requirements of these reports, CBO estimates 
that the savings to agencies that elect to consolidate them 
into a single report would be relatively minor. Because the 
bill would not affect direct spending or receipts, pay-as-you-
go procedures would not apply. S. 2712 contains no 
intergovernmental or private-sector mandates as defined in the 
Unfunded Mandates Reform Act and would not affect the budgets 
of state, local, or tribal governments.
    The CBO staff contact is John R. Righter. This estimate was 
approved by Peter H. Fontaine, Deputy Assistant Director for 
Budget Analysis.

                         VII. Regulatory Impact

    Pursuant to paragraph 11(b) of rule XXVI of the Standing 
Rules of the Senate, the Committee has considered the 
regulatory impact that would be incurred in carrying out the 
bill. The Committee finds that enactment of the bill will not 
have significant regulatory impact.

                     VIII. Changes to Existing Law

    In compliance with paragraph 12 of rule XXVI of the 
Standing Rules of the Senate, changes in existing law made by 
S. 2712 as reported are shown as follows (existing law proposed 
to be omitted is enclosed in black brackets, new matter is 
printed in italic, and existing law in which no change is 
proposed is shown in roman):

                           UNITED STATES CODE

                                TITLE 31

CHAPTER 11--THE BUDGET

           *       *       *       *       *       *       *

Sec. 1116. Program performance reports

    (a) [No later than March 31, 2000, and no later than March 
31 of each year thereafter,] Not later than 150 days after the 
end of an agency's fiscal year, the head of each agency shall 
prepare and submit to the President and the Congress, a report 
on program performance for the previous fiscal year.

           *       *       *       *       *       *       *

    [(e) An agency head may include all program performance 
information required annually under this section in an annual 
financial statement required under section 3515 if any such 
statement is submitted to the Congress no later than March 31 
of the applicable fiscal year.]
    (e)(1) Except as provided in paragraph (2), each program 
performance report shall contain an assessment by the agency 
head of the completeness and reliability of the performance 
data included in the report. The assessment shall describe any 
material inadequacies in the completeness and reliability of 
the performance data, and the actions the agency can take and 
is taking to resolve such inadequacies.
    (2) If a program performance report is incorporated into a 
report submitted under section 3516, the requirements of 
section 351(e) shall apply in lieu of paragraph (1).

           *       *       *       *       *       *       *

CHAPTER 35--ACCOUNTING AND COLLECTION

           *       *       *       *       *       *       *

Subchapter II--Accounting Requirements, Systems, and Information

           *       *       *       *       *       *       *

3516. Reports consolidation.

           *       *       *       *       *       *       *

Sec. 3515. Financial statements of agencies

    (a) Not later than March 1 of 1997 and each year 
thereafter, the head of each executive agency identified in 
section 901(b) of this title shall prepare and submit to the 
Congress and the  Director of the Office of Management and 
Budget an audited financial statement for the preceding fiscal 
year, covering all accounts and associated activities of each 
office, bureau, and activity of the agency.

           *       *       *       *       *       *       *

    [(e) The Director of the Office of Management and Budget 
may waive the application of all or part of subsection (a) for 
financial statements required for fiscal years 1996 and 1997.
    [(f) Not later than March 1 of 1995 and 1996, the head of 
each executive agency identified in section 901(b) of this 
title and designated by the Director of the Office of 
Management and Budget shall prepare and submit to the Director 
of the Office of Management and Budget an audited financial 
statement for the preceding fiscal year, covering all accounts 
and associated activities of each office, bureau, and activity 
of the agency.
    [(g) Not later than March 31 of 1995 and 1996, for 
executive agencies not designated by the Director of the Office 
of Management and Budget under subsection (f), the head of each 
executive agency identified in section 901(b) of this title 
shall prepare and submit to the Director of the Office of 
Management and Budget a financial statement for the preceding 
fiscal year, covering--
          [(1) each revolving fund and trust fund of the 
        agency; and
          [(2) to the extent practicable, the accounts of each 
        office, bureau, and activity of the agency which 
        performed substantial commercial functions during the 
        preceding fiscal year.
    [(h) For purposes of subsection (g), the term ``commercial 
functions'' includes buying and leasing of real estate, 
providing insurance, making loans and loan guarantees, and 
other credit programs and any activity involving the provision 
of a service or thing for which a fee, royalty, rent, or other 
charge is imposed by an agency for services and things of value 
it provides.]

           *       *       *       *       *       *       *

Sec. 3516. Reports consolidation

    (a)(1) With the concurrence of the Director of the Office 
of Management and Budget, the head of an executive agency may 
adjust the frequency and due dates of, and consolidate into an 
annual report to the President, the Director of the Office of 
Management and Budget, and Congress any statutorily required 
reports described in paragraph (2). Such a consolidated report 
shall be submitted to the President, the Director of the Office 
of Management and Budget, and to appropriate committees and 
subcommittees of Congress not later than 150 days after the end 
of the agency's fiscal year.
    (2) The following reports may be consolidated into the 
report referred to in paragraph (1):
          (A) Any report by an agency to Congress, the Office 
        of Management and Budget, or the President under 
        section 1116, this chapter, and chapters 9, 33, 37, 75, 
        and 91.
          (B) The following agency-specific reports:
                  (i) The biennial financial management 
                improvement plan by the Secretary of Defense 
                under section 2222 of title 10.
                  (ii) The annual report of the Attorney 
                General under section 522 of title 28.
          (C) Any other statutorily required report pertaining 
        to an agency's financial or performance management if 
        the head of the agency--
                  (i) determines that inclusion of that report 
                will enhance the usefulness of the reported 
                information to decision makers; and
                  (ii) consults in advance of inclusion of that 
                report with the Committee on Governmental 
                Affairs of the Senate, the Committee on 
                Government Reform of the House of 
                Representatives, and any other committee of 
                Congress having jurisdiction with respect to 
                the report proposed for inclusion.
    (b) A report under subsection (a) that incorporates the 
agency's program performance report under section 1116 shall be 
referred to as a performance and accountability report.
    (c) A report under subsection (a) that does not incorporate 
the agency's program performance report under section 1116 
shall contain a summary of the most significant portions of the 
agency's program performance report, including the agency's 
success in achieving key performance goals for the applicable 
year.
    (d) A report under subsection (a) shall include a statement 
prepared by the agency's inspector general that summarizes what 
the inspector general considers to be the most serious 
management and performance challenges facing the agency and 
briefly assesses the agency's progress in addressing those 
challenges. The inspector general shall provide such statement 
to the agency head at least 30 days before the due date of the 
report under subsection (a). The agency head may comment on the 
inspector general's statement, but may not modify the 
statement.
    (e) A report under subsection (a) shall include a 
transmittal letter from the agency head containing, in addition 
to any other content, an assessment by the agency head of the 
completeness and reliability of the performance and financial 
data used in the report. The assessment shall describe any 
material inadequacies in the completeness and reliability of 
the data, and the actions the agency can take and is taking to 
resolve such inadequacies.

           *       *       *       *       *       *       *

Sec. 3521. Audits by agencies

           *       *       *       *       *       *       *

    (f)[(1)] For each audited financial statement required 
under [subsections (a) and (f)] subsection (a) of section 3515 
of this title, the person who audits the statement for purposes 
of subsection (e) of this section shall submit a report on the 
audit to the head of the agency. A report under this subsection 
shall be prepared in accordance with generally accepted 
government auditing standards.
    [(2) Not later than June 30 following the fiscal year for 
which a financial statement is submitted under subsection (g) 
of section 3515 of this title, the person who audits the 
statement for purpose of subsection (e) of this section shall 
submit a report on the audit to the head of the agency. A 
report under this subsection shall be prepared in accordance 
with generally accepted government auditing standards.]

           *       *       *       *       *       *       *

                                
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