31, United States Code, or under any other author-
ity. 
‘‘(4) USE OF FUNDS.—The Director may use 
any amounts received by the Director from assess-
ments under this section for compensation of the Di-
rector and other employees of the Agency and for all 
other expenses of the Director and the Agency. 
‘‘(5) 
AVAILABILITY
OF
OVERSIGHT
FUND 
AMOUNTS.—Notwithstanding any other provision of 
law, any amounts remaining in the Federal Housing 
Enterprises Oversight Fund established under this 
section (as in effect before the effective date under 
section 185 of the Federal Housing Finance Reform 
Act of 2007), and any amounts remaining from as-
sessments on the Federal Home Loan banks pursu-
ant to section 18(b) of the Federal Home Loan 
Bank Act (12 U.S.C. 1438(b)), shall, upon such ef-
fective date, be treated for purposes of this sub-
section as amounts received from assessments under 
this section. 
‘‘(g) BUDGET AND FINANCIAL MANAGEMENT.— 
‘‘(1) FINANCIAL OPERATING PLANS AND FORE-
CASTS.—The Director shall provide to the Director 
of the Office of Management and Budget copies of 
the Director’s financial operating plans and fore-
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casts as prepared by the Director in the ordinary 
course of the Agency’s operations, and copies of the 
quarterly reports of the Agency’s financial condition 
and results of operations as prepared by the Direc-
tor in the ordinary course of the Agency’s oper-
ations. 
‘‘(2) FINANCIAL
STATEMENTS.—The Agency 
shall prepare annually a statement of assets and li-
abilities and surplus or deficit; a statement of in-
come and expenses; and a statement of sources and 
application of funds. 
‘‘(3) FINANCIAL MANAGEMENT SYSTEMS.—The 
Agency shall implement and maintain financial man-
agement systems that comply substantially with 
Federal financial management systems require-
ments, applicable Federal accounting standards, and 
that uses a general ledger system that accounts for 
activity at the transaction level. 
‘‘(4) ASSERTION
OF
INTERNAL
CONTROLS.— 
The Director shall provide to the Comptroller Gen-
eral an assertion as to the effectiveness of the inter-
nal controls that apply to financial reporting by the 
Agency, using the standards established in section 
3512 (c) of title 31, United States Code. 
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‘‘(5) RULE
OF
CONSTRUCTION.—This sub-
section may not be construed as implying any obliga-
tion on the part of the Director to consult with or 
obtain the consent or approval of the Director of the 
Office of Management and Budget with respect to 
any reports, plans, forecasts, or other information 
referred to in paragraph (1) or any jurisdiction or 
oversight over the affairs or operations of the Agen-
cy. 
‘‘(h) AUDIT OF AGENCY.— 
‘‘(1) IN GENERAL.—The Comptroller General 
shall annually audit the financial transactions of the 
Agency in accordance with the U.S. generally accept-
ed government auditing standards as may be pre-
scribed by the Comptroller General of the United 
States. The audit shall be conducted at the place or 
places where accounts of the Agency are normally 
kept. The representatives of the Government Ac-
countability Office shall have access to the personnel 
and to all books, accounts, documents, papers, 
records (including electronic records), reports, files, 
and all other papers, automated data, things, or 
property belonging to or under the control of or used 
or employed by the Agency pertaining to its financial 
transactions and necessary to facilitate the audit, 
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and such representatives shall be afforded full facili-
ties for verifying transactions with the balances or 
securities held by depositories, fiscal agents, and 
custodians. All such books, accounts, documents, 
records, reports, files, papers, and property of the 
Agency shall remain in possession and custody of 
the Agency. The Comptroller General may obtain 
and duplicate any such books, accounts, documents, 
records, working papers, automated data and files, 
or other information relevant to such audit without 
cost to the Comptroller General and the Comptroller 
General’s right of access to such information shall 
be enforceable pursuant to section 716(c) of title 31, 
United States Code. 
‘‘(2) REPORT.—The Comptroller General shall 
submit to the Congress a report of each annual 
audit conducted under this subsection. The report to 
the Congress shall set forth the scope of the audit 
and shall include the statement of assets and liabil-
ities and surplus or deficit, the statement of income 
and expenses, the statement of sources and applica-
tion of funds, and such comments and information 
as may be deemed necessary to inform Congress of 
the financial operations and condition of the Agency, 
together with such recommendations with respect 
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thereto as the Comptroller General may deem advis-
able. A copy of each report shall be furnished to the 
President and to the Agency at the time submitted 
to the Congress. 
‘‘(3) ASSISTANCE AND COSTS.—For the purpose 
of conducting an audit under this subsection, the 
Comptroller General may, in the discretion of the 
Comptroller General, employ by contract, without re-
gard to section 5 of title 41, United States Code, 
professional services of firms and organizations of 
certified public accountants for temporary periods or 
for special purposes. Upon the request of the Comp-
troller General, the Director of the Agency shall 
transfer to the Government Accountability Office 
from funds available, the amount requested by the 
Comptroller General to cover the full costs of any 
audit and report conducted by the Comptroller Gen-
eral. The Comptroller General shall credit funds 
transferred to the account established for salaries 
and expenses of the Government Accountability Of-
fice, and such amount shall be available upon receipt 
and without fiscal year limitation to cover the full 
costs of the audit and report.’’. 
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