PUBLIC LAW 101-576 —NOV. 15, 1990 104 STAT. 2853 31 USC 3521 note. "(2) shall report to the Congress, the Director of the Office of Reports. Management and Budget, and the head of the agency which prepared the statement, regarding the results of the review and make any recommendation the Comptrplier General considers appropriate; and "(3) may audit a financial statement prepared under section 3515 of this title at the discretion of the Comptroller General or at the request of a committee of the Congress. An audit the Comptroller General performs under this subsection shall be in lieu of the audit otherwise required by subsection (e) of this section. Prior to performing such audit, the Comptroller General shall consult with the Inspector General of the agency which prepared the statement. "(h) Each financial statement prepared by an executive agency for a fiscal year after fiscal year 1991 shall be audited in accordance with this section and the plan required by section 3512(a)(3)(B)(viii) of this title.". (b) WAIVER OF REQUIREMENTS.—The Director of the Office of Management and Budget may waive application of subsections (e) and (f) of section 3521 of title 31, United States Code, as amended by this section, to a financial statement submitted by an Eigency for fiscal years 1990 and 1991. SEC. 305. FINANCIAL AUDITS OF GOVERNMENT CORPORATIONS. Section 9105 of title 31, United States Code, is amended to read as follows: " § 9105. Audits "(a)(1) The financial statements of Government corporations shall be audited by the Inspector General of the corporation appointed under the Inspector General Act of 1978 (5 U.S.C. App.) or by an independent external auditor, as determined by the Inspector General or, if there is no Inspector General, by the head of the corporation. "(2) Audits under this section shall be conducted in accordance with applicable generally accepted government auditing standards. "(3) Upon completion of the audit required by this subsection, the Reports, person who audits the statement shall submit a report on the audit to the head of the Government corporation, to the Chairman of the Committee on Government Operations of the House of Representatives, and to the Chairman of the Committee on Governmental Affairs of the Senate. "(4) The Comptroller General of the United States— "(A) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor; "(B) shall report to the Congress, the Director of the Office of Reports. Management and Budget, and the head of the Government corporation which prepared the statement, regarding the results of the review and make any recommendation the Comptroller General of the United States considers appropriate; and "(C) may audit a financial statement of a Government corporation at the discretion of the Comptroller General or at the request of a committee of the Congress. An audit the Comptroller General performs under this paragraph shall be in lieu of the audit otherwise required by paragraph (1) of
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